Executive summary

The first quarter of 2012 unfolded against an international backdrop clouded by uncertainty over euro zone risk factors, a slowing Chinese economy, precarious growth in the United States and the potential for geopolitical conflict that could halt the flow of oil and send oil prices skyrocketing. These months have seen some lessening of the euro zone risks thanks to European Central Bank refinancing operations starting in late 2011 and an initial stabilization programme negotiated with the Government of Greece.

Related Subject(s): Economic and Social Development