• U.S. has tough set of reforms to undertake on fiscal side, but in a relative better position than other major economies
• U.S. beginning to see a very substantial increase in investment in science, development
• Sees more confidence that U.S. has a sustainable expansion, but it is not a boom
• We are at the early stages of period that will see rapid growth in emerging markets. U.S. well positioned to gain from that
• Would be easier for emerging markets to manage inflation pressures if China softened link to dollar
• I would not put inflation at global level high on list of concerns
• Has no doubt Europe will put in place framework to allow countries to deal with fiscal problems
• U.S. fiscal position unsustainable in long run, will require change in circumstances
• Political will is building in U.S. to deal wit fiscal challenges
• U.S. can’t grow its way out of fiscal challenges
• Won’t hurt economy with deep cuts to spending
• Critical test of U.S. credibility is locking in multi-year path towards sustainable finances