The survey showed that the persistently low interest rates weighed significantly on German credit institutions in all survey scenarios over a five-year period. However, given the existing surplus capital and available hidden reserves, most institutions will be able to withstand the strains caused by the low-interest-rate setting.

The group of emerging market economies have experienced impressive growth over the past 20 years, substantially boosting their share of global economic output and worldwide trade. Recently, however, economic momentum has tailed off considerably in a large number of emerging market economies, and the growth lead they once enjoyed over the industrial countries has narrowed.