I think the whole world is waiting to see some type of fiscal plan, medium term or longer term, from the United States. As was highlighted in my remarks and highlighted by the International Monetary Fund in its world economic report, that type of uncertainty is actually having a global impact. I would agree that if it is possible sooner rather than later for the Government of the United States to put together a longer term fiscal plan; the world would be a much better place. Yes, fiscal consolidation in the U.S. would act as some type of drag, but it would have to be balanced against the massive uncertainty of having deficits in the neighbourhood of 8% to 9% of GDP every year.
On October 30th, 2012. See this statement in context.