We now have the fiscal power to respond to external shocks. That was not always guaranteed. The external environment that we face is clouded in considerable uncertainty. Whatever the developments are in the Middle East over the coming days, the economic fallout of the conflict is likely to persist given the lasting a real damage to energy infrastructure. As a result, the supply-demand imbalance in energy markets is likely to continue for some time. Although we cannot, of course, know the scale of the imbalance, it …