Five years after the financial crisis, there is growing optimism that the world economy is finally on the mend. However, the deleveraging process is far from complete. Further public sector austerity...

Today’s disappointing GDP figures published by the euro-zone and Japan for the fourth quarter of 2012 underline that, even if activity has picked up at the start of this year, it has done so from a...

Recent data underline that, other than in the US, very loose monetary policy is still not translating into faster credit growth.

Next week’s G20 gathering in Moscow will be overshadowed by talk of currency wars. But in our view, competitive exchange rate devaluations do not pose a significant threat to the global recovery.