There has not yet been sufficient global policy coordination to ameliorate global payment imbalances. Such coordination is badly needed to protect the global economy.

The relationship between the U.S. and the People's Republic of China is multifaceted and goes well beyond economic relations, but questions of macroeconomic imbalances have remained at the heart of bilateral discussions between the two.

Can the current post-Bretton Woods international monetary system prevent a return to the beggar-thy-neighbor policies and competitive devaluations that so harmed international prosperity in the 1930s? What are the system's flaws? Can they be corrected, and if so, how? An expert panel will address these and related issues.

Ample mutual misunderstanding exists between the United States and China in their economic arguments. There is likely to be an important race between economic and demographic forces that will naturally redress the imbalances and the political imperatives for each country to stand tough and fight.

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In the months ahead, there will be a renewed intensification of the European debt crisis that could have major implications for the US economy.

The United States needed to address its persistent current account deficits and excessive consumption; China needed to address its ballooning foreign exchange reserves and excessive dependence on exports.

Europe's economy looks like it will continue to get worse, before it gets better.

A potential European banking crisis would spill over to the US financial system, which has very close links to the European banking system.