2.75 3.00 3.25 3.50 3.75 Implied by Quits and Part Time ECI (% yoy) Page 44 Deutsche Bank AG/London Sep-2001 Sep-2003 Sep-2005 Sep-2007 Sep-2009 Sep-2011 Sep-2013 Sep-2015 EFTA01476088 8 December 2015 World Outlook 2016: Managing with less liquidity Figure 8: Improvement in credit cond