The establishment in the widest sense of the word has had to reassess its views on the euro over a period of years and Ken Clarke is in the rearguard of that.

The chairman concluded that there is more to do in terms of slowing activity. We expect some further Fed action into the summer.

I think it's very positive in the sense that ... potentially Japan is returning to a more normal business cycle, a more normal inflation situation.

Stocks do look well supported. (But) there are a large number of signals suggesting that markets have gone too far too fast (and) that investors are thinking about taking risk off the table.

The composition of growth is becoming more important. The more it is orientated toward fixed-asset investment and exports, the more we are going to be seeing pressures for a revaluation and a potential trade disruption.

One of the most noticeable aspects of 2005 was the series of changes to world textile rules allowing China to export more clothing and footwear. We're still seeing the affects of that filtering through.