A recent Emst & Young report looks at international capital flows : "The global financial landscape is beginning to shift as emerging market countries undergo a period of rapid expansion. Since 1990, cross-border capital flows have grown at a compound annual rate of 14.2 percent (up from 8 percent in the prior 10 years), and have reached their highest levels ever." But these flows have been uneven, suggesting that globalisation on the financial front is lagging in the developed world. "The UN Conference on Trade and Development reports that in 2008, U.S. investments overseas dropped 18 percent and those from the European Union plunged 30 percent. By contrast, emerging economies increased their foreign direct investment - in the case of China and India, by a hefty 30 percent in 2008.