The latest economic data from the United States is more convincing, and economic activity in Asia is relatively brisk. Economic developments in Russia also deserve a mention, and there is a sense of improved optimism both in Europe and the euro area as a whole. It therefore seems likely that we will obtain robust growth figures on a global level in the near future.
Why, then, do I then refer to an ”unstable international environment” in the title of my speech? The reason is that despite the favourable short-term outlook, sustainable recovery is being affected by a number of uncertainties. Global economic expansion is starting to gather speed in exceptionally unstable circumstances. Extremely strong expansionary fiscal and monetary policies are the lifeline of industrial countries.