The challenge for us is: How do we break out of the current low output/high debt scenario and choose between the four outcomes which could confront us in the future? These are: i. Failed states  ii. Barebones survival  iii. Moderate growth, and  iv. Socioeconomic transformation.
The weaknesses in addressing these global imbalances are now clearly revealed, as well as the flaws in the regulatory environment of some advanced economies. The current weak global economy has also highlighted the gaps in global economic governance, and the absence of sufficient institutional capacity to manage coordinated global responses to simultaneous global crises.