October’s manufacturing surveys suggest Europe was slipping into recession even before the latest twist in the euro-zone crisis, while the rest of the world experienced low but positive growth. As the...

The G20 leaders’ summit this week will be an exercise in damage limitation. The agenda has been completely over-taken by the euro crisis, where there is no agreement on the role non-euro-zone...

The immediate fall-out from a Greek default should be manageable and much less damaging than that which followed the collapse of Lehmans, even if it does count as a “credit event”. However, this...

We expect growth to be very low or negative in most advanced economies next year. The euro-zone is already heading for recession, and if its public debt and banking crisis is not contained, the rest...