Depending on the course of the situation in Ukraine, the downward pressure on European economies could heighten, particularly for those in the euro area. In China, there are concerns over adjustment pressure in the real estate market and over the risk of economic stagnation amid the elevated youth unemployment rate. Having said that, I believe uncertainties surrounding the U.S. economy warrant particular attention.
Paramount among them are Maastricht-like criteria relating to fiscal discipline, public debt and price stability. However, since we are not a member of the EU, and not even one of the accession countries that wait to join in, there is no external pressure to abide by these rules.