The new round of trade talks recently launched in Doha is an encouraging signal in this respect. Among the major regions of the world, only China, the oil-exporting countries of the Middle East and Russia (including some neighboring countries) will show growth rates of a seriously positive magnitude. There is something like a global business cycle.
However, there is no perfect synchronicity among different areas. Causes, consequences and repercussions differ in the three currency areas. This does call for area specific policy responses. The US business cycle is close to a recession. Remember, less than a year ago, forecasters were wondering whether the USA would see a hard or a soft landing.