Moreover, many of the forward-looking indicators of activity suggest that prospects for further economic expansion in Europe and Japan appear good in the near term. Despite indications of moderation in some emerging-market economies, the overall pace of activity in these countries, including China, appears to be strong.
On top of that, I would say also that you have to accept that when there is a very powerful oil and commodity shock it has necessarily an impact on the cycle, and to embark on excessively proactive policies to avoid these fluctuations in the business cycle could create future problems in the years to come.