What do you think are the outstanding risks to the global economy?
I believe that the downside risks to the global economy are significantly lower now than they were six to eight months ago. Of course some of the uncertainties over Iraq have been resolved. But also, the uncertainties that were associated with severe weaknesses in corporate disclosure seem to be less of a public concern now. We have had both a further decline in interest rates and a reduction in corporate spreads relative to wha
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