Here at the onset of 2011 there is extra reason to pop the champagne corks, as the global economy came out of 2010 in even better shape than expected. The quite clear signs of a slowdown during the summer soon evaporated and were replaced by renewed progress. This was achieved partly as a result of the pragmatic and growth-oriented economic policy in both the US and the Euro area, but also partly because the underlying strength in the Far East and other Emerging Markets economies proved sufficiently robust to withstand monetary policy tightening.
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