My favorite saw of this period has it about right: If you have seen one financial crisis, you have seen one financial crisis. So, by necessity, policymakers must make judgments about how the crisis will unfold. Economics, and the conduct of monetary policy, after all, is not physics. 10 At least it isn't yet.
Finally, with Brazil and Russia exiting recession and China stabilising at growth rates above 6%, emerging economies real GDP is projected to be expanding roughly near to 4.6% in 2017 from 4.3% in 2016 and to 4.9% in 2018. 2/8  BIS central bankers' speeches  4.