The world has never fully come out of the crisis that started in 2008; we have just seen the form of the crisis evolving over time.
Now, four years later, the global economy appears to be once again on the precipice and could tilt in either direction, depending on the resolve of policy makers to finally put in place comprehensive and credible plans to fully address sovereign debt and banking sector risks, in order to deal with current near-term downside risks to the global economy.