“Green shoots” is no longer the favourite phrase among policymakers. During last weekend’s meeting of Group of Eight finance ministers, the message shifted to emphasise that it was far too early to sound the all-clear for the world economy.

“I don’t think we’re at a point yet where we can say we have a recovery in place,” said Tim Geithner, US Treasury secretary, who continued this theme yesterday by saying “it is early still” and “we have a way to go”. Britain’s finance minister said “we’re not there yet”. The IMF’s Dominique Strauss-Kahn said “the recovery is weak”.