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A failure by Italy to finance its debt could cause a massive banking crisis that could spell the end of the euro, but Italy's problems are too severe to be remedied by any simple solutions.
A number of scenarios, from a deepened European debt crisis to increasing civic unrest in the Middle East, could cause global stability to take a turn for the worse.
While a temporary default is not likely to fundamentally alter the global economic dynamic, the U.S. budget imbalance and uncertainties over whether Washington will address that imbalance are major contributors to international tensions.
As emerging markets come to dominate the global economy, no challenge will be more difficult—and few will be more important—than managing the global commons.
The ascendance of emerging economies has altered the fundamentals of international trade, creating an urgent need for the World Trade Organization to play a more proactive and substantive role in this new world.
The international monetary system helped countries liberalize trade and limited protectionism during the Great Recession. But countries with pegged exchange rates remain a threat to trade, especially if the peg is undervalued.
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.
Despite China's low consumption and high investment relative to GDP, key indicators suggest that its growth is not actually unbalanced.
If Europe wishes to prevent long-term high unemployment and stagnation, Spain must acknowledge its own debt problems and Germany needs to recognize its role in promoting regional and global imbalances.
Although Brazil, Russia, India, China, and South Africa enjoy significantly more power individually nowadays, as a group they still haven't mastered the methods for transforming their newfound economic prowess into global power.
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