Did leaders in the field of high finance let us down? Whether the leaders were lulled by the phenomenal success of modern financial engineering and got carried away by “irrational exuberance” and could not see the “black swan”? Probably; the leadership qualities required is to keep the financial system stable so that it can serve the real economy. The MBA Oath 33.
Risks surrounding the euro area growth outlook remain broadly balanced. On the one hand, the strong cyclical momentum, as evidenced in recent developments in sentiment indicators, could lead to further positive growth surprises. On the other hand, downside risks continue to relate primarily to global factors and developments in foreign exchange markets. Euro area annual HICP inflation remained unchanged at 1.5% in September.