French President Sarkozy’s request for Chinese money in support of the euro rescue symbolized three historic shifts in great power relations: the fragility and endangerment of the European project, the ascendance of China, and the beginning of the end of the American era. […]
With the global economy on unstable ground and little economic space remaining for additional policy support, world leaders must focus on preventing a catastrophe in Europe. […]
The global economic outlook for 2012 and 2013 is exceptionally uncertain. With the euro crisis continuing to fester, a global credit crunch, and generalized slowdown threatening emerging markets, it remains unclear where growth will come from. […]
The transformation of China into an economic powerhouse will fundamentally alter Beijing’s relationship with the global economy and require far-reaching changes in the global institutional architecture. […]
An appreciation of the renminbi is not the catch-all solution some claim it to be. If China were to revalue its currency, a widespread appreciation of Asian currencies would not follow, nor would the U.S. current account deficit benefit. […]
Developing countries are transforming every aspect of global economic interaction. Global leadership is needed to ensure that this shift is marked by increased prosperity rather than conflict. […]
The fast rise of emerging economies brings an enormous opportunity to increase global prosperity, but also could generate dangerous conflicts. Global leaders must develop the means to mediate them. […]
In the coming decades, the unprecedented emergence of the world’s poor countries as the largest global economies will both extend the frontier of prosperity and create massive tensions and unpredictable risks. […]
China is promoting the use of its currency for trade and investment, but this will eventually require China to open its capital account and make its exchange rate more flexible—moves that political considerations may block for years to come. […]
In the years to come, the rise of emerging economies will reshape the global economic landscape. This monumental shift will enhance prosperity but also create great tensions that could stop progress in its tracks. […]
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