Uncertainties with respect to the outlook for the global and Swiss economies remain the principal risks in the medium term. Although the European and Swiss economies grew in line with expectations in 2007, in the second half of the year there were an increasing number of indications of a considerable slowdown in the United States as a result of the substantial corrections on the real estate and financial markets. In addition, the weakness of the Swiss franc against the euro constituted an additional risk to price stability throughout the year.
