Although the euro area and Japan are recovering, their demand growth remains very low, despite extraordinary monetary accommodation. In emerging market economies growth last year came in at only one-half the average rate from 2009 to 2013.
We must make our best efforts to complete the 2010 reform before the 2012 Annual Meetings. 9. We welcome the expanded and amended New Arrangements to Borrow (NAB) which became effective from March 11, 2011. The activation of the NAB should be regarded as a bridge between current expectations and the availability of higher quota resources under the 14th General Review.