Uncertainty of any sort results in volatility, and Brexit will be no exception.

Europe's citizens do not seem convinced that the bitter medicine of continued structural reforms will cure the stasis that afflicts much of the Continent. It is a failure of politics that people have not come to see that the more they want to retain the attractive European way of life, the more the way they work will have to change.

In a competitive industry, only paranoid incumbents - those constantly striving for betterment - have any hope of surviving.

Indian cricket fans are manic-depressive in their treatment of their favorite teams. They elevate players to god-like status when their team performs well, ignoring obvious weaknesses; but when it loses, as any team must, the fall is equally steep, and every weakness is dissected.

As a country that does not belong to any power bloc, India cannot afford to put itself in the position of needing multilateral support - a trap into which even developed countries, like Portugal and Spain, have fallen.

The government will always tell you that it wants low inflation. The real issue is the horizon over which to bring inflation down.