If it is helpful I’ll start with a few comments on the global economy, before turning to the domestic economy, the Policy Targets Agreement and the outlook for monetary policy. 1. The global economy  Last year the global economy hit a soft patch and financial markets have had a rocky start to the current year.
Despite such a practical limit, there would be no problem if liquidity reached corporations which reside outside the financial markets and contributed to rejuvenating economic activity, but regrettably this has not been the case so far. Let me quote some plain numbers which typically illustrate this.