Macro trends  Growth contribution First, the relative importance of the economies in the global economy is changing fast with the (re)emergence of the large and populous countries of Russia, China and India into the global economy.
But growth is still weak and inflation continues to be too high, with underlying price pressures remaining strong. Earlier this month, the Governing Council decided to raise interest rates by 25 basis points, bringing the deposit facility rate to 3.25%. The challenging outlook heightens the uncertainties surrounding banks' profitability and resilience.