The ratio of long-term debt to total business debt has risen from 45 per cent in 1981 to over 70 per cent. Also, the benefits extend far beyond financial markets. For example, the duration of union contracts has increased, with typical maturities having risen from approximately 25 months at the end of the 1970s to nearly 40 months in recent years.
*  *  *  As I settled down to write this, it struck me that what I had described as “stressful and extraordinary times” in my previous Statement seem set to last for quite some time. The global economy has become even more unpredictable and much of the traditional thinking is being put to the test as longheld paradigms are thrown overboard.