Attempts at austerity and deleveraging in Europe have converted an economic problem into a political dilemma, with leftist governments rising against Germany's austerity-laced rescue packages. Germany now faces a tough economic decision that will involve choosing between a breakup of the current euro system and a movement toward a common fiscal policy in Europe.

Whereas public debt levels in many major industrialized countries will soon exceed 100 percent of GDP, those in the major emerging market economies generally range from 40 to 50 percent of GDP.

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.

Since there is no demand for dangerous medicine, international action has a far greater chance of success than the war against narcotics.

While counterfeits must be combated, drugs that are legally but poorly produced, substandard medicines-the subject of today's briefing-tend to get a free pass, even when they kill.

Three considerations make it likely that Greece, Ireland and Portugal will choose to default before the establishment of the European Stability Mechanism in 2013

It is encouraging to learn that the International Monetary Fund no longer promotes the view that emerging market countries should be hastening to carry out rapid capital account liberalisation.

This is an all too familiar story, the FDA impeding useful innovations in the US entrepreneurs here are forced to test promising medical devices in costly animal studies for years before they can advance their products into clinical trials. In response, American device makers are moving their business overseas.