Sovereign risk was a principal theme in 2011 – most visibly in Europe and, to a lesser extent, in America’s loss of its triple A rating. Along with poor growth and rising inequality, it will continue to raise serious questions next year about the functioning of the global economy. As this occurs, one institution – the International Monetary Fund – will attract special attention. The key question is whether it can finally step up to the role of global conductor, rather than suffering yet more erosion of its credibility.
主權債務危機是2011年的主要議題——這一點在歐洲體現得最為明顯,而體現得不太明顯的是美國喪失了AAA級評級。連同增長疲弱和不平等日益加劇,主權債務危機在2012年將繼續提出有關全球經濟運行機能的重大問題。屆時,國際貨幣基金組織(IMF)將獲得特別關注。關鍵問題在于,IMF能否最終承擔起全球指揮家的角色,而不是任由其可信度進一步遭到侵蝕。