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 …

: extended institutional and governance quality, democracy, voice and accountability, a well functioning system of law and order …, decentralization via the division of power and federalism, larger cabinet size and strengthened civil society. There is also support …