During the resultant period of stable prices, the financial environment was kept accommodative. The generous inflow of funds from emerging economies and oil producing countries to leading economies such as the United States also acted to facilitate the continuation of the accommodative financial conditions. It was against this background that rapid advances in financial technology were made.
This benign situation, which could be characterized as "high growth," "stable prices," and "financial accommodation," lasted for a long period in the early 2000s. However, the reverse side of this seemingly benign structural situation has emerged gradually. In many rapidly growing emerging economies energy efficiency is low, and this has increased demand for resources such as crude oil.