Carnegie Moscow Center
With the global economy on unstable ground and little economic space remaining for additional policy support, world leaders must focus on preventing a catastrophe in Europe.
The euro crisis has grown too big for Europeans to handle alone. The United States must act to help save the euro—or risk paying a much bigger price if it collapses.
Almost two decades after negotiations began Russia is set to join the World Trade Organization. Russia, the biggest country to enter the WTO since China joined ten years ago, is expected to be confirmed as a member during the ministerial meeting in mid-December.
When Russians vote for the State Duma on December 4, the economy will be the critical issue for voters in a country still struggling to fully recover from the financial crisis.
While Vladimir Putin is unlikely to give up power any time soon, the political and economic system he created is incapable of dealing with Russia’s rapidly changing conditions. Crises are likely unavoidable unless Russia changes and modernizes.
As Vladimir Putin prepares to return to the presidency in the 2012 elections, the prospects for Russia’s future are unclear.
Putin’s expected return to the presidency in early 2012 comes at a time of great economic uncertainty. Although Russia’s economy is stable at the moment, Russia will have to modernize in order to remain stable and competitive in the long run.
Bolstered by the high price of oil, Moscow is likely to take the opportunity to contribute to Europe’s rescue fund in return for more influence on the International Monetary Fund.
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.
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.