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I think the currency is beginning to shift its focus from a nominal

short-term interest rate differentials to real short-term interest rate

differentials. If we're going to start to assess what we think is

going to happen in the emerging world, that's critical for the

global economy. The story starts and ends in what happens in China.

We're in a modest growth environment. Growth is brittle and below power, but we are not facing a significant risk of recession anytime soon.

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Good morning everyone, Bloomberg surveillance, Michael McKee and Tom Key, we welcome all of you

to Bloomberg surveillance on economics, finance Finance Investment on International Relations.

We'll do that with David Blanchflower in a moment.

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