The financial crisis is over, but the age of general economic slowdown is only just beginning.
Emerging economies, once considered much more vulnerable, have been remarkably resilient. With growth returning to pre-2008 breakout levels, the performance of China, India, and Brazil is an important engine of expansion for today's global economy.
Brazil, Russia, India, and China recently held their second annual summit in Brasilia. Journalists continue to lavish attention on these so-called "BRIC" countries, but I remain skeptical of the concept.
The choice for European central banking is now open: should it play around with multiple political partners, or should it settle down to stable marital bliss with a well-defined mechanism for responsibility and accountability?
President Barack Obama pressed European leaders to act to rescue the euro. The US economy would be highly vulnerable in the case of a euro collapse, so today's lame ducks need to embrace each other.
Around the world, the debate about financial regulation is coming to a head. A host of arguments and proposals is in play, often competing with one another – and thus inciting public and political confusion.
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