The reasons for the poor growth outlook vary across countries and regions. In the United States, the consumer is still deleveraging in the face of a housing market that has not fully  BIS Review 165/2010  1  corrected, and a withdrawal of the fiscal stimulus.
Since we have just completed a second annual exercise using both supervisory tools, I thought this risk conference would be a good occasion for reviewing the rationale and features of these tools, describing the recent results, and identifying some issues we will be considering as we continue to develop these tools in the future.