The recovery is supported by the upturn in global merchandise trade, notably in capital goods, and an improved dynamism in the industrial sector, especially in manufacturing. The improved economic situation in the advanced economies is particularly noteworthy. Naturally, this has enhanced confidence in the global economic outlook and reduced the perception of risks deriving from tail scenarios, although these cannot be completely ruled out.
Well, quite a number of issues can be mentioned in this respect. One of the disappointments is the latest financial crisis. BIS central bankers’ speeches  3  The crisis of 2008? Yes, indeed. And then there is, how shall I put it, that predatory instability ... What do you understand by predatory?