A recent study done by the IMF suggests that, given the expected trend in oil prices over the next two decades, the HSF could possibly build up assets of up to $ billion by 2020, if we could move to a non-energy fiscal deficit of 10 per cent of GDP (we are currently at 15 per cent of GDP).
The euro area has returned to stability, even though we cannot yet say with certainty that the crisis has been entirely overcome. The ECB has long since taken up residence in Frankfurt’s Ostend district, and the last traces of the Occupy activists have been gone for quite a while.