Carnegie Endowment for International Peace
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This report is a rallying cry for Europeans to pull together and mobilize the EU’s assets to manage the three biggest changes of our times.
The real cause of today’s currency tensions lies not in the international monetary system, but in misguided domestic policies in the world’s major economies, which must undertake long overdue and largely internal reforms.
The Euro crisis, which strikes at the heart of the world’s largest trading block, no longer threatens just Europe. Economies around the globe are already being affected, and the worldwide recovery is at risk.
As middle-income countries recovering from the global financial crisis face high unemployment and growing government deficits, existing social services will become stressed. Maintaining these safety nets is a vital part of recovery.
There is no single solution to the financial crisis for middle-income countries, but fundamental labor markets reforms that create high-paying jobs are key to restarting economic growth.
Russia's foreign policy response to the economic crisis has been to marginalize the United States, move closer to Europe, and consolidate its control over the former Soviet space.