Optimists will point out that 500bn euros of bailout money should be available for use reasonably quickly to prop up the likes of Italy and Spain, as a result of the leaders' decisions to expedite expansion of the European Financial Stability Facility and bring forward the launch date of the European Stability Mechanism.

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"The changes to the reimbursement arrangements are based on hard evidence and we have worked with the industry to provide them with some much-needed stability going forward, " said Mr Brown.

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Brazil's success in resisting such pressures gave everyone hope that the country would now have the stability to truly move forward.

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Several European companies are waiting to launch IPOs, although market watchers caution that whether these deals go forward will depend on relative market stability.

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They also brought forward the date when the permanent rescue mission, the European Stability Mechanism (ESM), will be up and running.

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Mr. King reiterated his belief that all that any central bank can deliver over the long term is price stability and that since monetary policy can only bring forward future spending, it is subject to the law of diminishing returns.

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The European Stability Mechanism (ESM), the permanent fund, will be rushed forward to begin by 2012, with an effective lending capacity of 500bn euros.

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The White House "looks forward to continuing to work with both the House and the Senate to increase certainty and stability for the economy, " the statement concluded.

CNN: January 22, 2013 -- Updated 2328 GMT (0728 HKT)

But if the recent weakness in the dollar, run-up in commodity prices, and other forward-looking indicators are sustained and passed along into final prices, the Fed's price stability objective might no longer be a compelling policy rationale.

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