Monetary policy  Financial system  Operations & communication  International finance  Research  The impacts of climate change on economic activity, prices, and the financial system are highly uncertain and could greatly vary over time. The Bank will constantly review its measures and make adjustments where needed. 10  Chart 11  II.
In the United States growth spurred by a swing in the inventory cycle is thought to have marked the turning point in the second half of 2009, but most observers still expect only moderate growth this year. In Europe, the momentum of the recovery has been less certain. In both cases the old forecasting cliché about uncertainty applies in spades.