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Convincing the market on the medium term growth model therefore remains key.
We are more pessimistic about the economy's medium term growth prospects than we were in March.
We do however believe that there is a good medium term growth story for Icap driven by global growth, integration, financial development and trade.
"However, we remain cautious on prospects for the UK book market (and for margins therein) and believe medium term growth prospects remain limited".
To meet economic growth targets and facilitate further economic integration of the Member States, European transportation needs to cater for a continuing medium term growth in demand.
In its latest report on global economic prospects for 2010, released on Thursday, the World Bank cautioned that Europe's debt crisis had "created new hurdles on the road to sustainable medium term growth".
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And in promising emerging markets like the Philippines, electoral cycles are extremely crucial to shaping the short-to-medium term growth trajectory of the country.
This could harm medium-term growth.
Phelps discussed prospects for enhancing medium-term growth.
In the absence of further structural reforms, medium-term growth is projected to remain low.
"A lasting solution to the debt overhang problem is not possible without higher medium-term growth," it said.
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