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"We need to guard against the reforms being rolled back as a result of a period without crisis," he said.
If there was a worry, it was that emerging economies would grow too quickly, inflating commodity prices.The year without crisis is not to be.
"What kind of energy mix will meet the world's energy needs without crisis and confrontation?" Mr. Yergin asked in "The Quest".
We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis.
Emergency rooms are backed up and without crisis care, the last resort often is jail.
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Without crisis-management mechanisms like fiscal transfers from richer to poorer members and a central bank willing to be a lender of last resort, financial crises can leap borders and doom the whole euro zone to recession.
The 1950s and 1960s were a golden age of steady growth without crises," he said.
Recessions with crises have a much higher loss of GDP than recessions without crises.
Also the average recovery time is somewhat higher in recessions with crises rather than recessions without crises.
State of the Union A marriage without conflicts is almost as inconceivable as a nation without crises.
We want the Central Bank to play its full part on the international scene and to make an active contribution to defining new rules that will enable the international financial system to operate without crises.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com