Let me bring the topic back to the future course of the global economy. As described earlier, with regard to the U.S. economy, it is unforeseeable when and how the negative feedback loop between financial markets, asset prices, and economic activity will diminish. In Europe, economic growth is slowing further.
His choice of approach has been motivated by the desire to combine theoretical rigor with applicability to real-world problems of real-world people. When I was appointed Governor of the Bank of Finland, before starting my term I naturally asked for some briefings about what was going on in the world of central banks.