Preventing such an outcome requires both monetary and fiscal policy to be countercyclical, besides enhancing capacity to deal with supply shocks that often weaken growth momentum while raising inflationary pressures. Take for example the fact that global commodity price index has gone up from about 98.2 in February 2009 to 182.9 in October 2011, implying an increase of more than 85 percent.
It is a painful, but necessary, process, which is partly cyclical. Each continent, America, Europe and Asia, must continue making every effort to ensure that this process remains durable. In recent years, particular attention has been paid to the situation and reform agenda in the euro area.