Given that the global financial landscape, including policy responses, is undergoing profound changes, today I would like to share my views on financial and capital markets in Asia, with a principal focus on the interplay between banking business and capital market development. II. Current economic conditions in Asia  Let me start with the recent economic and financial developments in Asia.
We are now entering the third year since the European sovereign debt problem surfaced in Greece. Without doubt, the way the debt problem in Europe will play out remains a key factor shaping the near-term outlook for the global economy. Concurrently, for the past several years emerging economies have been the propelling force behind global economic growth.