Could you give us, in a nutshell, your view of current official policy in the context of the outlook for the world economy?

In the broad scheme of things, global monetary policy is in a lot better shape than global fiscal policy, even if exchange rate fluctuations are lot bigger than we'd like. Having independent central banks governed by inflation-conservative central bankers has proven very successful. No one has really come up with a comparably flexible and effective approach to taming