Optimism is in the air, particularly in financial markets. And some cautious optimism may indeed be justified.
Compared to where we were at the same time last year, acute risks have decreased. The US has avoided the fiscal cliff, and the euro explosion in Europe did not occur. And uncertainty is lower.
We may have avoided the cliffs, but we still face high mountains
Olivier Blanchard, 13 February 2013
Topics: Global economy
Tags: Eurozone crisis, fiscal cliff, recovery
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