Its key elements include:  6  R. Rajan, Fault Lines: How Hidden Fractures Still Threaten the World Economy (Princeton, N.J.: Princeton University Press, 2010).
•  There may be delays in further political reforms needed for dealing with the euro area sovereign debt crisis. •  The US still faces sizable medium-term fiscal tightening. •  These two risks are highly politically-related problems, which again may require central banks in advanced economies to keep easy monetary conditions.