Many of the tail risks that concerned us in the last edition have not come to pass, in particular in the United States, which did not fall off the "fiscal cliff"; in Europe, where the breakup of the euro zone was avoided and where sovereign bond differentials have drastically narrowed; and in China, where fears of a hard landing have receded for the time being. ... Overall, although there are indications that economic policies and measures are shifting in the right direction, efforts must be sustained in order to safeguard the progress achieved and to keep the global economy on a sus...

• Word Count: 4162
• Approx Pages: 17
• Has Bibliography
• Grade Level: Graduate