Let me briefly add that Europe is not the only source of risk, as there are, e.g., major fiscal challenges in US, which could come to a head early next year. The jury is still out on these questions, but investor concerns seem to be rising again, especially with respect to the credibility of fiscal consolidation plans in Europe.
At the most recent meeting of G20 finance ministers and central bank governors last month, there was some optimism that tail risks faced by the global economy had started to recede. However, the persistence of downside growth risks and the need for on-going structural reform and global rebalancing were also highlighted as needing to be kept firmly on the G20 agenda. 3.