<?xml version="1.0" encoding="utf-8"?>
<text><p>
<s id="1">
 <w id="w1.1">Chapter</w> 
 <w id="w1.2">1</w>
 <w id="w1.3">.</w>
</s>
  
<s id="2">
 <w id="w2.1">Financial</w> 
 <w id="w2.2">institutions</w>
 <w id="w2.3">'</w> 
 <w id="w2.4">economic</w> 
 <w id="w2.5">environment</w>
 <w id="w2.6">.</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">Macroeconomic</w> 
 <w id="w4.2">developments</w>
</s></p>
<s id="5">
 <w id="w5.1">The</w> 
 <w id="w5.2">global</w> 
 <w id="w5.3">economy</w> 
 <w id="w5.4">grew</w> 
 <w id="w5.5">at</w> 
 <w id="w5.6">a</w> 
 <w id="w5.7">moderate</w> 
 <w id="w5.8">pace</w> 
 <w id="w5.9">in</w> 
 <w id="w5.10">the</w> 
 <w id="w5.11">second</w> 
 <w id="w5.12">and</w> 
 <w id="w5.13">third</w> 
 <w id="w5.14">quarter</w> 
 <w id="w5.15">of</w> 
 <w id="w5.16">2014</w>
 <w id="w5.17">,</w> 
 <w id="w5.18">with</w> 
 <w id="w5.19">an</w> 
 <w id="w5.20">increase</w> 
 <w id="w5.21">in</w> 
 <w id="w5.22">the</w> 
 <w id="w5.23">variation</w> 
 <w id="w5.24">of</w> 
 <w id="w5.25">growth</w> 
 <w id="w5.26">trends</w> 
 <w id="w5.27">across</w> 
 <w id="w5.28">countries</w> 
 <w id="w5.29">and</w> 
 <w id="w5.30">regions</w>
 <w id="w5.31">.</w>
</s>
 
<s id="6">
 <w id="w6.1">The</w> 
 <w id="w6.2">euro</w> 
 <w id="w6.3">area</w> 
 <w id="w6.4">economies</w>
 <w id="w6.5">,</w> 
 <w id="w6.6">including</w> 
 <w id="w6.7">Germany</w>
 <w id="w6.8">,</w> 
 <w id="w6.9">were</w> 
 <w id="w6.10">stagnant</w> 
 <w id="w6.11">while</w> 
 <w id="w6.12">an</w> 
 <w id="w6.13">economic</w> 
 <w id="w6.14">upturn</w> 
 <w id="w6.15">continued</w> 
 <w id="w6.16">in</w> 
 <w id="w6.17">the</w> 
 <w id="w6.18">United</w> 
 <w id="w6.19">States</w>
 <w id="w6.20">.</w>
</s>
 
<s id="7">
 <w id="w7.1">According</w> 
 <w id="w7.2">to</w> 
 <w id="w7.3">most</w> 
 <w id="w7.4">recent</w> 
 <w id="w7.5">forecasts</w>
 <w id="w7.6">,</w> 
 <w id="w7.7">the</w> 
 <w id="w7.8">economic</w> 
 <w id="w7.9">upturn</w> 
 <w id="w7.10">may</w> 
 <w id="w7.11">be</w> 
 <w id="w7.12">expected</w> 
 <w id="w7.13">to</w> 
 <w id="w7.14">continue</w> 
 <w id="w7.15">in</w> 
 <w id="w7.16">the</w> 
 <w id="w7.17">United</w>