Our January Update also indicated that the risks to the Bank's projection were balanced for 2006, but tilted to the downside through 2007 and beyond. These downside risks relate to the possibility that the unwinding of large global current account imbalances could involve a slowdown in the world economy.
(By global imbalances, I mean the large current account deficit in the United States, mirrored by large current account surpluses in other countries.)