- The world as a whole has yet to deal fully with the economic consequences of unrest in the Middle East and the tragedies in Japan.
- The debt crisis in the EU's periphery.
- Housing in the US is weakening again.
- The increasingly visible fiscal predicament in the US: having used fiscal spending aggressively to avoid a depression, the US must now commit to a credible medium-term path of fiscal consolidation
This Project Syndicate article is taken from a lecture Mr. El-Erian gave at Princeton.