In contrast, consumption growth – at around 3½ per cent – was in line with our forecasts, with total consumption increasing broadly at the same rate as household income. This composition of demand growth – with its heavy weight on mining-related investment which tends to be very import intensive – has contributed to very strong growth in aggregate imports.
This convergence has rarely existed within the triad over a relatively lengthy period of time. At the moment, the structural differences between America, Japan and continental Europe are becoming more evident. –  Or, the countries are otherwise willing to change parities quickly, as unobtrusively as possible and in a forward-looking manner.