The road ahead  We are now in a period where financial, monetary and regulatory policymakers around the world are fully occupied in understanding the mess, and in making the transition back to more normal economic conditions as orderly as possible.
At the same time, underlying the cyclical volatility and noise are longer-run structural shifts and trends that policy needs to allow to come through. Booms and busts The extraordinary surges then collapses in global credit, asset and commodity prices all now resemble, with the benefit of hindsight, overshoots followed by undershoots.