It is impossible today to know with much precision how much of the pickup in growth and the decline in unemployment that we have seen over the past two years is structural and how much is cyclical. Most likely, both factors are at work.
For the rest of us, this was not a case of policy dialogue, but rather monologue – the G3 did what they could in terms of international co-ordination, and we wore the results, principally in the form of substantial fluctuation in the G3 exchange rates, which was often inconvenient to many.