The prospects of global economic growth appear firmer and more broadly based than three months ago (see Economic Bulletin, October 2010). Robust expansion continues in the emerging economies and, among the advanced economies, in Germany; assessments of growth in the United States have improved. After vigorous growth in 2010 boosted it back to its pre-recession levels, the volume of world trade is expanding at a slower but nonetheless historically rapid pace this year. External current account imbalances began widening again in the first nine months of 2010,although the merchandise trade balance of the United States has recently narrowed. At the G20 summit in Seoul in November, the Heads of State and Government approved an action plan based on economic policy coordination in pursuit of more balanced growth at global level[....]