On a more specific problem, the G7 created the Financial Action Task Force (FATF) in 1989 to combat drug-related money laundering and more recently has been involved in the combat against the financing of terrorism. After the Asian and Russian financial crises, the G7 promoted the establishment of the Financial Stability Forum (FSF), which first convened in April 1999.
As a result of the significant increase in interest rates and associated tightening in broader financial conditions, I now expect that the second-half rebound will be limited, and that real GDP growth will be essentially flat this year. 3 The moderation in demand due to monetary policy tightening is only partly realized so far.