* * * I am pleased to have this opportunity to address an issue of considerable importance to both business economists and policymakers--that is, the challenge of measuring and modeling our dynamic economy. Moreover, I would like to raise the issue of how much of our finite resources should be directed to measuring and how much to modeling.
The same applies for sovereign debt instruments. The risks related to the re-emergence of global imbalances and any disorderly unwinding are also considerable. Moreover, the catastrophe in Japan and tensions in the Middle East show us that risks of various sorts (natural, geopolitical, etc…) are never far away.