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cloud Bloomberg. off our coverage and given the market check I just did perhaps no one more appropriate

given his global coverage.

In a way we seem to be decoupling Europe and China Asia in different places in the economic cycle and most important

in the monetary policy cycle?

Or are they?

What are the implications for a world in which the United States is moving in a different direction than the other big

central banks?

The degree of divergence is apparently diminishing, right?

The notion that the Fed is going to raise anytime soon,

I think, has died of death. So, while the Fed clearly is a very monetary policy for a country that is much further along in the recovery

than most of the rest of the world and that still has an underlying growth of I think just

below 2% which is respectable by the standards of the advanced

economies. It is not a massive divergence any longer. I doubt whether Europe and Japan can go down much further in terms of rates. They may

go to minus 50 basis points, but that's it. Yes, they are expanding balance sheets, both

in the Euro area and in Japan but I think the degree of divergence

really just reflects the degree of divergence in the underlying economies where the US

despite being very unspectacular, is still clearly stronger than the Eurozone, than the UK, or than Japan.

...