The answer to that question, on which we all have views no doubt, will almost certainly have a material bearing on the growth of US consumer spending and potentially therefore on world economic growth. But should we formulate monetary policy on the basis that the US share market will correct downwards, or will not? Similarly for developments in the Japanese economy.
Meanwhile, the legal framework reforms currently under way should improve payment morale. Third, a change to the fiscal policy mix geared towards lowering the excessively high tax rates, further rationalising public expenditure and enhancing the Public Investment Programme.