'Whisper it', stock markets have surged

For those who are not immersed in the world of economics and finance but who still have either an academic or a vested interest, the world has been a pretty depressing place since 2007.

Since the summer of that year, we have seen absolute terror unleashed on the global economic and financial system and we have seen an equally dramatic response from policy makers.

More recently, as in 2015, we have had to contend with extreme difficulties in Greece and significant problems in China, not least the decision last week to devalue the currency.