Online published on 22 June, 2015.
This paper undertakes an appraisal of the origins of global imbalances since the late 1990s, examines the link to the global financial crisis and the consequences of the unravelling of the existing financial system on emerging market economies. It also points to the risk of deflation, unless leading countries provide a coordinated fiscal stimulus at the international level and advocates the adoption of a new Marshall Plan to revive the affected economies in the European Union and the world as a whole.
