At last the world seems to be emerging slowly from the global recession and attention is once again being trained on the 'Green shoots' of recovery. The recovery in equities which commenced in the closing stage of 2011 has continued into 2012. Markets appear to have drawn strength from the reaction of central banks. In the US, UK, Japan, Switzerland and the euro area central banks have been busy pushing money into the system. Outside the euro area this has taken the form of Quantitative Easing, or increasing money supply. The European Central Bank has opted to provide cheap liquidity to banks, an approach which some see as a covert form of Quantitative Easing.