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<text><p>
<s id="1">
 <w id="w1.1">Rozdział</w> 
 <w id="w1.2">1</w>
 <w id="w1.3">.</w>
</s>
  
<s id="2">
 <w id="w2.1">Uwarunkowania</w> 
 <w id="w2.2">działania</w> 
 <w id="w2.3">instytucji</w> 
 <w id="w2.4">finansowych</w>
</s></p><p>
<s id="3">
 <w id="w3.1">1.1</w>
 <w id="w3.2">.</w>
</s>
  
<s id="4">
 <w id="w4.1">Sytuacja</w> 
 <w id="w4.2">makroekonomiczna</w>
</s></p><p>
<s id="5">
 <w id="w5.1">Gospodarka</w> 
 <w id="w5.2">światowa</w> 
 <w id="w5.3">rosła</w> 
 <w id="w5.4">w</w> 
 <w id="w5.5">II</w> 
 <w id="w5.6">i</w> 
 <w id="w5.7">III</w> 
 <w id="w5.8">kw</w>
 <w id="w5.9">.</w>
</s>
  
<s id="6">
 <w id="w6.1">2014</w> 
 <w id="w6.2">r.</w> 
 <w id="w6.3">w</w> 
 <w id="w6.4">umiarkowanym</w> 
 <w id="w6.5">tempie</w>
 <w id="w6.6">,</w> 
 <w id="w6.7">a</w> 
 <w id="w6.8">jednocześnie</w> 
 <w id="w6.9">pogłębiało</w> 
 <w id="w6.10">się</w> 
 <w id="w6.11">zróżnicowanie</w> 
 <w id="w6.12">tendencji</w> 
 <w id="w6.13">wzrostowych</w> 
 <w id="w6.14">pomię-</w> 
 <w id="w6.15">dzy</w> 
 <w id="w6.16">poszczególnymi</w> 
 <w id="w6.17">krajami</w> 
 <w id="w6.18">i</w> 
 <w id="w6.19">regionami</w>
 <w id="w6.20">.</w>
</s></p>
<s id="7">
 <w id="w7.1">Gospodarki</w> 
 <w id="w7.2">strefy</w> 
 <w id="w7.3">euro</w>
 <w id="w7.4">,</w> 
 <w id="w7.5">w</w> 
 <w id="w7.6">tym</w> 
 <w id="w7.7">Niemiec</w>
 <w id="w7.8">,</w> 
 <w id="w7.9">znajdowały</w> 
 <w id="w7.10">się</w> 
 <w id="w7.11">w</w> 
 <w id="w7.12">stagnacji</w>
 <w id="w7.13">,</w> 
 <w id="w7.14">natomiast</w> 
 <w id="w7.15">w</w> 
 <w id="w7.16">Stanach</w> 
 <w id="w7.17">Zjednoczonych</w> 
 <w id="w7.18">trwało</w> 
 <w id="w7.19">ożywienie</w> 
 <w id="w7.20">gospodarcze</w>
 <w id="w7.21">.</w>
</s>
 
<s id="8">
 <w id="w8.1">Według</w> 
 <w id="w8.2">najnowszych</w> 
 <w id="w8.3">prognoz</w> 
 <w id="w8.4">można</w> 
 <w id="w8.5">spodziewać</w> 
 <w id="w8.6">się</w> 
 <w id="w8.7">utrzymania</w> 
 <w id="w8.8">ożywienia</w> 
 <w id="w8.9">w</w> 
 <w id="w8.10">gospodarce</w> 
 <w id="w8.11">USA</w> 
 <w id="w8.12">powyżej</w> 
 <w id="w8.13">wieloletniego</w> 
 <w id="w8.14">trendu</w>
 <w id="w8.15">,</w> 
 <w id="w8.16">w</w> 
 <w id="w8.17">warunkach</w> 
 <w id="w8.18">poprawiającej</w>