It was slow going.

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In fact, Carol Smolenski, executive director of Ecpat USA, said it was slow-going when the organisation first tried to entice US companies to sign The Code in 2004.

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"I felt sorry for the people who were coming to watch me as I thought it was going to be quite slow, " he said.

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The Prime Minister David Cameron responded to the IMF report by saying that the UK economy was going through a "slow and difficult healing process" as it rebalances.

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