*  *  *  I am pleased to be with you tonight to discuss my views on current economic conditions and the economic outlook. These have been challenging times for economic forecasters and policymakers.
Indeed, it is a pleasure to deliver a speech focussing on recent economic and financial market developments in the current environment. In your sector, no one needs to remind you of the painful experience when the Nasdaq Composite Index lost almost 70 per cent of its value between 2000 and 2002.