Nov 2015 "The problem is that it is not yet clear whether quantitative easing combined with fiscal austerity is going to produce much in the way of growth." "...even as the rest of the world is getting better institutionally, we in Europe and the west appear to be getting worse. We are suffering from a strange institutional degeneration...four aspects..."1) demography; an ageing society; 2) excessive regulation of the economy; 3) "the [expanding ]the compliance department, staffed by people with law degrees"; 4) "a degeneration of the institutions of civil society" According to WEF 2014 Competitiveness study "Finland leads the world when it comes to the efficiency of its legal system in dealing with cases involving the government."