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.