The pace of change, together with the borderless nature of technology, does require an appropriate level of caution to be taken, through financial services firms taking risk-based approaches to strategic and business initiatives.
Economic activity has remained stronger in the euro area, although an easing in the growth rate is expected in the short-term before a recovery towards its potential growth rate of about 2 per cent. The risks to the growth outlook are probably on the downside, however, in all of these economies.