The subject of this conference has been financial statistics for a global economy, and I would like to use this occasion to share with you some reflections upon the four themes discussed during this conference, namely: 1. Are financial statistics good enough to capture globalisation? 2. What are the challenges for national data collection in a global world? 3.
Federal fiscal policy, taking into account both discretionary actions and so-called automatic stabilizers, was, on net, quite expansionary during the recession and early in the recovery. However, a substantial part of this impetus was offset by spending cuts and tax increases by state and local governments, most of which are subject to balanced-budget requirements, and by subsequent fiscal tightening at the federal level.