In stage two, growth recovers and the longer-term process of reducing government debt begins.

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The chief geopolitical risk, which Mr Cookson underscores, is a longer-term one, but a process already under way: the very strength of emerging economies is altering power relations among states.

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It is still possible that changes in wind patterns and longer-term natural climate shifts may slow the currently tumultuous process of decline.

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The longer-term forces of deflation, sprung from the deleveraging process that continues to unfold (Greece, Ireland, Portugal, etc.), act like gravity on this market.

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This structure will streamline the process for Governors as they seek assistance for longer-term projects and identify community redevelopment priorities.

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Wells Fargo has done better with its purchase of Wachovia, but decent longer-term prospects cannot obscure the fact that a generous stress-test process still required it to raise more capital.

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The grid needs short-, medium-, and longer-term storage to run smoothly, and car batteries could most easily meet the short-term need, a process called frequency regulation.

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