Carnegie Moscow Center
If Russia can create the right incentives for cutting energy consumption, it has the opportunity to become a leader in energy efficiency in the coming decade.
Although Cannes provided the United States and the broader G20 with an opportunity to rescue Europe from its current economic turmoil, the G20 did not make the tough decisions necessary to end the Eurozone crisis.
Russians should not expect modernization to be initiated from the top. Nor can a modern economy develop in Russia without reforming its political institutions, such as elections, the courts, and the law enforcement agencies.
When Vladimir Putin reclaims Russia’s helm in 2012, he will have to manage an economy that has lost its momentum and is approaching stagnation. Falling oil and gas revenues will only make his job more challenging.
Countries have good reasons to become actively involved in developing effective climate policies, since underestimating global trends could significantly affect their economic competitiveness.
An economic crisis comparable in size and virulence to the Lehman Brothers episode could erupt if Italy and Spain lose their ability to borrow. The G20 must act now to stabilize the eurozone.
Today, the big economic risks come not from the United States, but from European countries struggling to figure out a long term solution to sovereign debt and the weak institutional underpinnings of the euro.
Financial market turmoil and U.S. debt woes threaten to undermine the global recovery, but the biggest danger to the world economy comes from Europe and its worsening debt crisis.
Russia’s next president must improve financial regulation and reduce the country’s dependence on oil revenue in order to prevent economic growth from deteriorating in the coming years.
Although Brazil, Russia, India, China, and South Africa enjoy significantly more power individually nowadays, as a group they still haven't mastered the methods for transforming their newfound economic prowess into global power.