But I also thought about the negotiations over finalising Basel III – which have been completed, thankfully, but were difficult, quite frankly – and the deregulation debate. It became clear to me that the values of international cooperation and multilateral alliances are being visibly threatened by growing political tensions within our nations as well as between them.
*  *  *  The United States has been through a severe recession – a consequence of the correction of excesses that had accumulated in the economy and financial markets. Today, I would like to take stock of where we are in that correction by discussing the outlook for the economy.