And I will point to certain risks and uncertainties surrounding our central scenario. Second, I will briefly review the increasing economic and financial relations between Europe and emerging Asia, especially China, the contribution of these relations to growth in both regions, and their impact on the ongoing transformation of the European economy.
Finally, I will take a more global perspective and share a few thoughts with you on some of the main risks and challenges ahead of us, namely those stemming from the large global imbalances in trade and finance. And I will highlight a number of policies that can help meet this challenge. II.