World growth will remain low on average but negative
in the UK and Europe; price inflation will remain sufficiently subdued for a while longer so as to impose no constraint on monetary expansion; central banks will sustain a regime of negative real interest rates and rapid monetary expansion; the risk of a eurozone collapse is off the table for now; finally,
stock markets should continue to perform better than expected, even though the four - year old
cyclical bull market is long by historical standards.