The European governments are meanwhile responding to the risen demand for long-term loans from both European and American pension funds. Recently, the French government issued a 50-year loan. Also Greece, Germany and Italy recently sold long-term paper. And, this month, the Dutch government will issue a 30-year loan.
We have a great chart in the MPR that shows that noncommodity exports have recovered almost to their pre-recession peak, which puts the recent  BIS central bankers’ speeches  1  volatility into proper perspective. Exports are projected to grow in line with the US economy over the projection period.