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Global policymakers are heaving a sigh of relief as the world enters 2010.
Rarely does the world economy appear as precarious as it did at the beginning of last year, but “progressive normalisation” was the phrase Jean Claude Trichet, president of the European Central Bank, chose to use this month when he was speaking on behalf of all leading central bankers.
The cautious optimism is borne out of rapid growth in the emerging world, a rapid recovery in world trade as companies begin to replenish stocks and the perceived success of monetary and fiscal stimulus across most of the leading economies.
