Global Economy.
The ifo index, a key indicator reflecting the global economic climate, continued to fall over the course of the period under review. The deterioration again related mainly to North America and Western Europe. As in the previous quarter, the most pronounced decline was registered in the United States. While the index fell at an above-average rate in some Western European countries, the contraction recorded in Germany was relatively minor. Asia also had to contend with a cooling in its economic climate.

Developments in the Banking and Retail Sectors.
Both the banking and the retail industry are having to contend with continuing cost-related pressures and increasingly fierce competition – a situation that has prompted many companies to reassess their internal processes. The aim is to raise efficiency levels and enhance customer service, areas in which state-of-the-art information technology plays a key role.