rates among euro area countries stood at more than 100 basis points for the one-month maturity, and at around 50 basis points for the 12-month rates in January 1998, since early 1999 both of these indicators have shown values not higher than, and normally below, one basis point.
Since 1970, trade as a share of GDP has risen from about 25 per cent to almost 45 per cent in industrialized countries. Over the same time period, trade in emerging-market economies has increased from less than 15 per cent of GDP to roughly 60 per cent.