Development of the current international business conditions

The US real estate market especially the subprime mortgage sector, is generating distrust in the global financial system. In response to liquidity problems, monetary authorities in developed countries have intervened in the markets as lenders of last resort. The US Federal Reserve has reduced its interest rate, while the European Central Bank remained cautious and did not change its rate. Despite this, the world economy continues to grow, driven mainly by developing countries such as China, India and Russia, which account for half of global growth. This economic dynamism continues to put pressure on energy and food prices, which leads us to expect that controlling inflation will remain a priority for developed and most emerging countries as well.