Global growth prospects Ladies and Gentlemen, let me begin with a brief overview of global growth prospects. Sadly, the news is not so good. Downside risks continue to dampen the outlook. As you may be aware, financial markets remain the Achilles’ heel to a global recovery which has suffered several setbacks over most of 2012.
Prospects for stronger world growth are  BIS central bankers’ speeches  1  hampered mainly by the seemingly unhurried approach of policymakers across both sides of the Atlantic to resolve both the sovereign debt crisis in the Euro Area and the fast approaching U.S. “fiscal cliff” and possible breach of the U.S. debt ceiling.