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 …

, however, is that there seem to be certain "threshold" levels of financial and institutional development that an economy needs …