In addition, with defense outlays having fallen in recent years to their smallest share of GDP since before World War II, the restraint on overall spending from the downtrend in military outlays has surely run its course - and likely would have done so even without the tragedy of 11 September The CBO and the Office of Management and Budget recently released updated budget projections that are sobering.
Nout Wellink: China's rise and its impact on Western economies Speech by Dr A H E M Wellink, President of the Netherlands Bank, on the occasion of the China Congress, 'The Culture of Sharing Knowledge', Amsterdam, 3 October 2005. *  *  *  Thank you for inviting me to this conference organised by the Asia house.