The European economy has been experiencing a further increase recently in its cyclical momentum toward recovery, in a situation where uncertainties have been easing following events such as elections in major countries in the region. Let me turn to emerging economies. The Chinese economy has continued to see stable growth on the whole.
In 2008, when the world got into a crisis, there was a lot of policy force. In the years before the crisis, the world enjoyed the so called “Great Moderation” with steady growth in advanced economies and accelerated growth in the emerging economies, and low inflation all around. So we could attack the crisis with the full fire power of monetary and fiscal stimulus.