Winter is upon us, and most of us need an extra dose of vitamins to withstand the dark and the chilly temperatures and to keep colds and winter blues at bay.

Metaphorically speaking, this is also the case for large parts of the world economy. The Anglo-Saxon economies, the US and the UK are heading for a self-sustaining recovery and no longer need new stimulus. But the same cannot be said for the Euro area, which after a good start to the year has now got a mild case of the blues. China and Brazil also have major difficulties in living up to previous growth rates. And in view of the WTO’s warning of increasing protectionism and the fact that geopolitical risks are larger than they have been for a long time, the challenges of shifting global growth into a higher gear again seem significant.

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