Historically lax policies have become far less accommodative.

Policy would still be accommodative if the Fed maintained low interest rates rather than the zero level that was appropriate for a panic.

Downside risks for the world economy remain, particularly those associated with the growing global imbalances, but global economic policies remain prudent and accommodative to growth.

Monetary policy in the major developed economies remains accommodative but is in the midst of a shift from the stimulatory stance adopted during the previous slowdown to a more neutral policy.

This prideful interpretation amounted to the siren song of an extremely accommodative monetary policy. Unable to disentangle the global and domestic pressures suppressing inflation, a price targeting Fed has erred consistently on the side of easy money.

The disinflation and ample liquidity created by the accommodative monetary policy of central governments have driven the market interest rates down to the extent that the fixed income markets no longer offer the returns that investors have enjoyed in the past.

XVII (United Nations publication, Sales No. E.84.V.3), p. 151. would enhance prospects for mutually accommodative measures of cooperation on a regional as well as global basis, including the freedom of the high seas, in conformity with the Convention

Similarly, the entry into force in November 1994 of the Convention on the Law of the Sea will also help enhance prospects for mutually accommodative measures of cooperation, including the exercise of the freedom of the high seas, in accordance with the Convention.

Indeed, if the Fed makes an inadvertent mistake (the likelihood of this is considerable, given the country s complex situation and the unusually uncertain outlook), it is more likely to err on the side of staying accommodative for too long, rather than tightening monetary policy prematurely.