At present, the major developed economies seem to be moving into recession, as they tend to do every seven to ten years. The last such recession was in 2001, so the one that is emerging at present seems to be pretty much on cue. The Bank has been factoring weaker global economic growth into its policy assessment for much of this year.
I'll wrap up by returning to the international stage and suggest that, in an increasingly integrated world economy, we all have a greater stake in a sound international monetary system. Developments in the global economy As trade barriers have come down, and as the costs of transportation and communication have diminished, international trade has grown and living standards have improved.