*  *  *  Good morning ladies and gentlemen once again it is a pleasure to be here to address you today. In keeping with past discussions I want to share with you my thoughts on the state of the economy today. Some analysts in the media have commented on a number of current economic issues e.g.
the possibility of a slowdown, interest rates, private sector credit, consumer confidence. Today, however, I want to focus on five main themes and perhaps I may be able to clarify some of these topical issues. My themes are as follows: 1. What are the major characteristics of our current economic expansion and how does this expansion differ from previous ones? 2.