Epstein Secrets

r. -3.3 mi 39.1 36.9 -6.2 34A 33.9 Portugal -3.7 315 Germany -21.8 30.1 Spain -50 30.0 Mexico -5.0 30.0 -4.0 Australia 30.0 Luxembourg -8.2 0 292 Norway 28.0 New Zealand -5.0 28.0 Italy -9.5 275 Canada -16.2 26.1 Greece -14.0 -10.0 r. 26.0 Netherlands 25.0 Denm

nc, 2013); b Capital flight estimatesare from TaxJustice Network; these measures do not include trade rnisinvoicing, and; c Capital inflows are from the World Bank's Global Development Indicators, complement- ed with data from UNCTAD's online statistical database (http://unctad.orgien/Pages/Statisbcs.aspx). Notes

Commission for the conduct of banking, funds and investment business Luxem- bourg: This publication 6 not intended to constitute a public offer under Luxembourg law. but might be made available for information purposes to clients of UBS {Luxembourg) S A . a regulated bank under the supervision of the "Commis

ssitates painful tradeoffs between deflation in the periphery and inflation in the core. Structural reforms, too, will be needed. According to the World Bank's "Doing Business" rankings, it is easier to do business in Mongolia than it is in Italy. On this front, we are heartened by the announcement this ye

ing appetite for risk asset exposure, whether through asset management mandates or collaboration with academic and multi-lateral institutions such as the World Bank. Central banks will continue to look to external managers for their technical advisory and systems support (figure 34), as sovereigns have done over

Bermuda, Chile, Panama and Peru. For the distribution of this document, Continental Europe is defined as Austria, Belgium, France, Finaland, Greece, Luxembourg, Norway, Portugal, Denmark, Germany, Italy, the Netherlands, Spain, Sweden and Switzerland. This document is for information purposes only and is no