The London Times
The world economy is in crisis because of too much debt. But underlying the debt is the problem of imbalance. The distinction between financial strength and weakness has become stark between different continents, different countries within the same continent, and even different regions within the same country. These extremes have made the relationship between debtor and creditor unstable.....
That medicine has not resolved the structural weakness at the heart of the world economy, however. And because it has failed to spark a confident pace of economic recovery in the United States and Europe, it has in one respect intesified the problem. .....
The imbalances in the world economy run wide and deep. Policymakers need to focus obsessively on remedying them. The alternative may be not only a renewed global recession but a second, and still more severe, financial crisis......
That medicine has not resolved the structural weakness at the heart of the world economy, however. And because it has failed to spark a confident pace of economic recovery in the United States and Europe, it has in one respect intesified the problem. .....
The imbalances in the world economy run wide and deep. Policymakers need to focus obsessively on remedying them. The alternative may be not only a renewed global recession but a second, and still more severe, financial crisis......
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