The events in the financial markets last October can now be seen in greater perspective. An article on page 51 addresses questions they raised about market structure both here and elsewhere, while a number of reports have already been published in the United States. This Assessment deals with macroeconomic themes and suggests that in that context the fall in the dollar is more important than that of equity prices, at least for the United States' trading partners. It may further the adjustment of international imbalances but is likely to contribute to a slowing of world growth which has implications for the UK economy. The growth of domestic demand here, which has exceeded that of output, has been sustained by a downward trend in the personal sector's saving ratio, and has contributed to a deteriorating trend in the trade balance.