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BIS's Wellink at the 75th Annual General Meeting

In a speech at the 75th Annual General Meeting of the BIS on Monday 27 June, Chairman of the Board of Directors and BIS President Nout Wellink said with world growth at almost 5%, 2004 was the best year in nearly three decades, with emerging market economies performing especially strongly.

He added that "near-term prospects appear, on balance, good".

Nevertheless, echoing the analysis in the Annual Report, Mr Wellink cautioned that a closer look revealed some disturbing signs. The geographical

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