Hopes of a change after the likely election in September, the stock markets and the global economy are all contributing to what is a significant increase.

At that time, it was painfully obvious that the American economy was showing tremendous resilience when the Fed began tightening. Europe has nothing like that now.

It really is a case of taking a sledge hammer to crack a nut.

It's an encouraging sign,

There is already a lot of flexibility built into the pact.

If the headwinds from energy costs fade, the sky for growth should start to clear a little bit,