In terms of improving the fiscal balance, one often hears the view that raising the nominal growth rate is important. I find this to be rather misleading. Whether or not the fiscal balance improves rests heavily on how the rise in nominal growth rate is achieved.
If you have any questions about the recent data, Tiff and I would be pleased to address them, as well as any other queries that you may have. Thank you. 2  BIS central bankers’ speeches