During 2003-05, for example, China alone accounted for nearly onethird of the growth in both global real gross domestic product (GDP) and oil consumption. It is difficult to assess the exact extent to which increased demand by developing countries has contributed to the run-ups in commodity prices in recent years, as these prices are also affected by supply conditions and other factors.
The ability to manage risks, above all credit risk, efficiently, will be a competitive strength of crucial importance; it requires intermediaries to adopt the innovations made possible by today’s statistical models and financial techniques, to integrate them into their internal organizations, and to develop the necessary professional skills.