In a week in which UK and Japanese data both confirmed two consecutive quarters of contracting GDP, Group Chief Economist Neil Shearing explains why the concept of “recessions” can be unhelpful in understanding the state of economies.  He also tells David Wilder why, whoever wins in upcoming elections, governments on both sides of the Atlantic are likely to be shackled by fiscal constraints.  Plus, the most aggressive monetary tightening in a generation appears to have succeeded without breaking anything. Is the global economy off the hook or does financial instability still loom? Chief UK Economist Paul Dales speaks to David about his major new study on the theory and practice of tackling financial stability risks in a higher rate world. Click here to explore the analysis and events referenced in this episode.