This situation is attributable to, inter alia, the conflicts in Ukraine and the Middle East, which have reduced consumer and business confidence, possibly by more than could be expected. The slowdown since the summer has led to downward adjustment of growth forecasts for Germany and other countries.
2  BIS Review 23/2004  •  Third, the ECB, together with colleagues from NCBs and other experts, is developing a European standard classification of financial instruments which may eventually be of use to market participants as well.