The main risks relate to the possibility of a renewed increase in oil prices, fears of a rise in protectionist pressures, especially after the suspension of the Doha round of trade talks, and concerns about possible disorderly developments owing to global imbalances.
Having said that, I understand that trends in money demand have not been as stable in the United States as they have been in the euro area. This may partly explain the differences in our approaches. All in all, it seems to me that our similarities are more important than our differences.