In the 1990s, many observers questioned whether Germany, having tackled the challenge of reunification, could become a “normal country” (The Economist). This formulation evoked a Germany willing to pursue its own interests at home and abroad, no longer forced to bury them in multilateral garb or to accompany each assertion with a qualifier about the consistency of its interests with those of Europe and the wider world. By Mark Vail
With some exceptions, most held that the new, post-reunification Germany would behave much like the old, “remain[ing] committed to multilateralism” and, when forced to choose, making its interests subordinate to the trans-Atlantic and European structures to which it owed its post-World-War-II rehabilitation and its successful return to the community of nations. Germany’s reactions to the post-2007 economic crisis, and particularly to the so-called European “sovereign debt crisis,” show that these predictions missed the mark, but not in the ways that some in the 1990s had feared...
Marking the 30th anniversary of one of the world's more influential economic annuals experts pointed out that themes long sounded in UNCTAD's Trade and Development Report retain current prominence - particularly those citing the questionable wisdom of unbridled free markets.
In an open letter a global coalition of development activists and non-governmental organisations (NGOs) is calling on the World Bank's governors to ensure that the next president is chosen in an "open and merit-based process" that will give borrowing countries a major say in the selection.
After decades of isolation - imposed by major OECD countries out of concern for the country's human rights violations - Myanmar is emerging as a new darling of the "West" - judging by the accelerating succession of visits by senior officials and gurus. New groups of investors are waiting to enter the country as soon as possible.
Persistent high unemployment, the euro area debt crisis and premature fiscal austerity have already slowed global growth and factor into the possibility of a new recession. Now the United Nations have downgraded significantly its forecasts for the world economy in the next year.
Eastern European states are in for a new round of the crisis. The external control of the banking sector and high reliance on external credit has landed the countries of Eastern Europe in a vulnerable position. Now, credit flows from Western banks are drying up again. Hungary has been the first country in the region to ask for IMF support again.