In particular, the negative feedback loop operating between financial and economic activities is no longer confined to the U.S. and European economies but has recently begun to be observed in other economies, indicating that the conditions of the world economy have become more severe.
12 See “Banking, insurance and securities supervisors enhance EU-wide cooperation”, press release dated 24 November 2005, at www.c-ebs.org, www.ceiops.org, www.cesr-eu.org. 8  BIS Review 86/2005