It is clear that an interregional adverse feedback loop between trading partners – a process in which both imports and exports of individual countries decline, resulting in a further economic stagnation of all countries involved – is now operating around the globe, irrespective of the level of economic development.
The third feature of the background is IT innovations, which have supported the progress of globalization in financial and economic activity. The widespread use and popularization of IT systems has supported globalization through the increased speed of transactions, reductions  2  BIS Review 38/2009  in the interregional information gap, and a global network of transactions.