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In the industrialised world, inflation is struggling to pick up. Growth is holding its own but is not accelerating. Monetary policies designed to stimulate economies have reached some of their limitations. Risks are piling up – diffuse and varied. But we do not want our scenario to cause anxiety, even if predicting "the end of the world as we know it" would be the easy strategy.
Political, geopolitical, economic and financial: the risks are multiple, interconnected, and mutually sustaining. They are very clear, and the concerns are legitimate. Fact. But some of them do seem exaggerated in our view, and the industrialised ...
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