The global economy is currently expanding at a moderate pace, albeit with considerable differences in momentum across … countries. The economy in the United States is still growing at robust rates, whereas the euro area is in a phase of stagnation … inflation rates are not expected to fall sustainably close to the target levels again until 2025. Risks for the global economy …

recipients if governance is measured by the World Bank?s CPIA. If the CPIA is replaced by the Kaufmann index, however, the policy …