But the new regime is not without defects.

But there was a deep paradox in all of this.

But there is a catch.

But switching locomotives is never free of risk.

But, for both countries, economic growth is not hurdle free.

But even here there is a paradox for the regime.

The political map was subtly but consequentially redrawn.

Simpson is not making sense.

But inflation has its own adverse distributional and efficiency implications, and would be fiercely resisted.

But there will be some important differences as well.

Thus, Americans pursued their self interest, but in a way that was rightly understood.

Islam also has its reformists.

(Of course, there are notable exceptions.)

And yet, paradoxically, the absence of control is what makes the euro attractive.

Yet, despite Bolivia s arrival at this gloomy turning point, events can, paradoxically, turn out moderately well.

Of course, such a choice carries risks. Do we know the people we would be helping?

To be sure, there are some gaps in this narrative.

Yet problems remain.

Of course, there are practical challenges.

But Zoellick is not without his weaknesses.

Yes, there have been strikes, marches, and growing anger at political leaders, but protests have been largely peaceful.

But, in the end, even though the investors were there to help, it was clear that there is a fundamental mismatch in the real world.

But copycat capitalism is not without risk indeed, it is unlikely to end without someone getting scratched.

This is anything but a risk free path.

Of course, there are problems.

However, the present topic is certainly not devoid of practical significance.

But there is also something more fundamental at play, a flaw that lies deeper than the responsibility of individual decision makers.

But there are now issues. Investments are justified and support economic and social development when they have high private and social returns.

But one hopes not. Divorces are never painless.

Yes, there are legitimate technical concerns that QE is distorting asset prices, but bursting bubbles simply are not the main risk now.

There is obviously some element of bluff in legislating balanced budgets.

That said, much can still go wrong.

The road ahead is not free of difficulties, but the Strategy represents a decisive step towards solving the challenges of the twenty first century and preparing us for the world of tomorrow.

Third, emerging countries short term opportunism is based on a double distrust towards Europe, of course, but also, paradoxically, towards themselves.

There may be leaks and loopholes in these rules, but firewalls are in place and are more stringently guarded than ever before.

There is merit in both positions but much more in the Spanish and Italian argument.

Louis XVI was contemptuously called le boulanger, the baker.

There is, however, a fly in the ointment.

But financial repression is hardly painless and almost certainly reduces the allocative efficiency of credit markets, thereby impacting long term growth.

Like all imbalanced systems, it will have its distortions, but the arrangement could last for many years.

It is an onerous and solemn undertaking, uplifting one day and extremely frustrating the next.

This is paradoxical, because the ECB s policy framework provides clear guidance.

Such fundamental changes of heart and mind have happened many times in the course of history.

North Korea is, strangely, a domestic issue for China.

Promoting a pan European private placement market might help, as would aligning standards for covered bonds. But both strategies would face serious legal obstacles.