It is quite possible that the rise in household debt ratios could go a good distance further. The risk, of course, is that the process goes too far and that a painful correction ensues.

The takeover vehicles being created tend to be high risk because they are exposed to a lot of debt. The fear could be that in 15 years the new owners are unable to invest in the needs of [port] customers.

When you take on debt, you increase your risk, but you also increase your return,

As de Saussure said, risk-taking brings with it its own reward: it keeps a "continual agitation alive" in the heart. Hope, fear. Hope, fear - this is the fundamental rhythm of mountaineering. Life, it frequently seems in the mountains, is more intensely lived the closer one gets to its extinction: we never feel so alive as when we have nearly died.

The world economy is growing at an above average pace for the fourth successive year and, significantly, forecasts have been revised upwards.

It is the best monetary policy regime we have experienced and the best one available.