Issues ranked by perceived impact on overall market conifdence 2013 2015 2017 2019 1 GEOPOLITICAL RISK GEOPOLITICAL RISK GEOPOLITICAL RISK GEOPOLITICAL RISK 2 REGULATORY ENVIRONMENT CURRENCY EXCHANGE RATES CURRENCY EXCHANGE RATES GLOBAL TRADE ENVIRONMENT* 3 EUROZONE STABILITY EUROZONE STABILITY EMERGING MARKET GROWTH REGULATORY ENVIRONMENT 4 LIQUIDITY IN THE FINANCIAL MARKETS REGULATORY ENVIRONMENT EUROZONE STABILITY LIQUIDITY IN THE FINANCIAL MARKETS 5 EMERGING MARKET GROWTH EMERGING MARKET GROWTH GLOBAL TRADE ENVIRONMENT* CURRENCY EXCHANGE RATES 6 CURRENCY EXCHANGE RATES LIQUIDITY IN THE FINANCIAL MARKETS COMMODITY PRICES COMMODITY PRICES INCREASE IN DIRECT CORPORATE ACCESS REQUESTS FROM INVESTORS 7 COMMODITY PRICES COMMODITY PRICES REGULATORY ENVIRONMENT EMERGING MARKET GROWTH 8 INFLATION INFLATION LIQUIDITY IN THE FINANCIAL MARKETS EUROZONE STABILITY 9 TRADING TRANSPARENCY TRADING TRANSPARENCY INFLATION INFLATION * Global Trade Environment was added as an answer option in the 2017 Survey. 24