In the terms of our picture, this would be equivalent to say that the moderation in some non-policy factor driving activity might have been responsible for the fall in inflation and consumption variability.
This is not only about selling products that create jobs in our economies, but also about being able to exert influence on the future course of globalisation. Europe, if it were to speak with one voice in international financial fora, would be in a stronger position to shape global policy outcomes.