However, due to the effects of fiscal austerity, economic growth in some peripheral countries is likely to remain sluggish as both the public and private sectors are mired in excessive debt. B. Continued high growth in emerging economies  Next, I will talk about emerging economies.
As regards macroeconomic variables and markets that may affect the stability of the banking sector, the Bank focuses on developments in the GDP growth rate, interest rates and exchange rates, and in the stock and real-estate markets.