The epicenter of the danger is Europe, but the rest of the world is increasingly affected. There is an even greater danger, namely that the European crisis intensifies. In this case, the world could be plunged into another recession.
Turning to the good news–with the right set of measures, the worst can definitely be avoided, and the recovery can be put back on track. These measures can be taken, need to be taken, and need to be taken urgently.[...]