It is not just a story in one or two countries, but one that is broad based. After nearly a decade, the healing process after the financial crisis is well advanced, although there is still plenty of scar tissue. The Chinese economy has continued to grow, although there are some fault lines.
And in Europe, it has been a few years now since the underlying problems last erupted. Globally, monetary policy remains accommodative, there has been a lot of financial system repair and fiscal policy is no longer contractionary. This is all helping. So we are in a better position than we have been for some time.