I will organise today’s remarks under four headings: •  Negotiating turbulence  •  Accepting adjustment  •  Maintaining stability  •  Securing prosperity. Negotiating turbulence Until recently, we were living, at a global level, through a period of remarkably low volatility and skinny pricing for risk.
There was bound to be some set of events with the potential to change that. Once again, some of them have been in Europe. After some months, difficult discussions between the Greek Government and its European partners reached an impasse and Greece was, as a result, unable to make a scheduled repayment to the IMF.