A profound change is occurring in the global economy, as the emerging market economies enjoy much more rapid growth and relatively much sounder public finances than the industrial countries, which will place increasing global economic importance on the emerging economies.

The United States is coming to resemble Argentina, Russia, and other emerging markets, both in what led to this crisis and in how we are trying to fix it.

The recent election outcomes significantly changed the political leadership of France and Greece - American Enterprise Institute (AEI) Scholars Desmond Lachman and Danielle Pletka are available to comment on their economic and foreign policy implications.

The new government in Ecuador is focusing on povertybefore foreign debt.

Targeted biotech drugs that attack specific biological molecules that cause disease are bringing new benefitsand fomentingpricing dynamics different from those of traditional drugs.

The likely maintenance of favorable global liquidity conditions over the next few months affords the emerging markets with a window for the needed strengthening of their fundamentals.

During two closed sessions before the luncheon, committee members discussed the latest in financial regulation issues. At a luncheon briefing following these sessions, SFRC members gave several statements and answered questions.