This has been reflected by impressive and - until last year - sustained economic growth in the emerging markets. It is true that globalization is bringing several new challenges but, overall, the advantages for people throughout the world are clearly prevailing.
1 These provide a picture of an intricate web of profligate risktaking, human greed, short-sightedness and policy errors. I will try to simplify this scenario by concentrating on four crisis elements. The first crisis element relates to the global macroeconomy and its imbalances.