I would like to take the opportunity today to update some of the things I said two years ago, but to do so in a way which focuses on medium-term developments. I will take as my starting point a comparison of economic growth rates of developed countries over the most recent decade (Table 1).
Against this background, the money markets suffered markedly increased strain, with liquidity drying up particularly for  BIS Review 116/2010  1  term funding and LIBOR climbing sharply.