Global growth is now forecast to be at 3.3 percent in 2012 and 3.9 percent in 2013, down from 4.0 percent and 4.5 percent, respectively, projected in the September 2011 WEO.
[10] It is therefore prudent to start reviewing the options available to ensure that the ECB maintains control over the level of short-term money market rates during the process of balance sheet normalisation.