Rift and Mastery
Europe and the US, which had fought depression jointly in 2009, begin 2011 with divergent positions on economic policy. That rift threatens to obscure the question that all should be addressing: how to manage a global economy in which the balance of power between advanced and emerging countries is shifting at great speed.
https://prosyn.org/1Wd51Hs
PARIS – Like brothers in arms united in combat but divided in peace, Europe and the United States, which had fought depression jointly in 2009, started voicing disagreements in 2010 and begin 2011 with divergent positions on macroeconomic policy. The price of divergence could be steep: though the worst is over, effective coordination of policy is still needed at a time when rebalancing the global economy, as the G-20 has called for, is far from being accomplished.