The ability of the service sector to generate growth is widely underestimated. So long as country avoid taking protective measures and harness their competitive advantages, countries should welcome larger service sectors.
To save the euro, Europe must not only put out the immediate fire, but also act to prevent future fires by layering both fiscal and political unions on top of its currency union.
Having benefited from the euro at the expense of nations such as Greece, Spain, and Portugal, Germany now has the opportunity to take responsibility for the survival of the Eurozone by sacrificing its current account surplus and allowing debt-laden countries to resume growth.
Falling growth rates in China may signal a much-needed transfer of wealth from the state to the household sector, a vital aspect of economic rebalancing.
While President Obama will use his ten day trip to the Asia-Pacific to demonstrate that the United States is serious about its involvement in the region, his substantive agenda appears thin and may disappoint those with high expectations.
President Obama's trip to the Pacific will be an important milestone in his administration’s steady and determined effort to re-establish a diplomatic presence and develop closer ties with a region that is driving the world economy and unsettling the established global balance of power.
European leaders should be more willing to learn from the successes and failures of Latin America, a region that knows a great deal about economic crises, bank failures, excessive debt, and the empty promises of populism.
Although Cannes provided the United States and the broader G20 with an opportunity to rescue Europe from its current economic turmoil, the G20 did not make the tough decisions necessary to end the Eurozone crisis.
When Vladimir Putin reclaims Russia’s helm in 2012, he will have to manage an economy that has lost its momentum and is approaching stagnation. Falling oil and gas revenues will only make his job more challenging.
Forcing the renminbi to appreciate might shift the burden of unemployment from the United States to China, but it would also set a dangerous precedent for future trade and currency wars.























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