【文章內(nèi)容簡介】 nces on the economic recovery here in the United States or, for that matter, recovery around the world. It would have devastating consequences. Chaudhuri: I strongly agree with Mauro on this because I really think that it is very unlikely that they will unravel the Eurozone or other aspects of the EU. The basic situation is now that we live in a globally interdependent economic system. It is not just about Europe. It is about the global financial markets being linked. It is about exports happening. It is about markets opening up. If you look at Proctor amp。 Gamble39。s [earnings] results declared very recently, or IBM39。s, clearly their recovery is ing from other places than their domestic market right now. That39。s why they are posting returns. So whether we like it or not, [the markets are connected] and the stock markets are certainly sending us those signals. That39。s the situation. The question bees How can we best align and, perhaps, address discrepancies? It is there at the social is at the economic level. It is at the political level. And really it is the institutions, like we see in the financial system, which have to get together and develop these mechanisms. I think there39。s no choice. The other point I want to make is that there is a shortterm consideration, a midterm consideration, and a longterm consideration, which has been implicit, right? Yes, Merkel party suffered a major defeat in regional elections last weekend], which will make it hard for her to govern from Berlin and Germany as a whole. But there are much larger implications here for the system. If it es down to it, that notwithstanding, her focus will be on saving the German economy by saving the EU. I think the point here is how can we achieve that integration in a meaningful way? It would be easy if all new entrants, if the weaker economies in Europe including the Eastern European ones, were also faltering at this stage to make the argument that the whole EU and the euro is a failed experiment. But it39。s not the case. The Czech Republic, Slovakia, Romania and so forth are much better integrated. They are the lower “cost”production centers, outsourcing centers, with high expertise mind you within the EU. And it works. Greece was not integrated for the various petitive reasons or lack thereof that we were talking about. Salmona: During the Second World War, Winston Churchill could get the British people to accept very strong measures because it was for the problem in Europe is that people do not feel it is the war, although I think it is the war a different type of war. Again, sorry to quote my French cocitizens but one of the heads of the Socialist party said last week when they had to vote in Parliament “for” or “gainst”giving $6 billion to Greece, “Eventually, okay, we are going to vote for,but I must say and emphasize the fact that we are very much against the measures that Greece is taking now.”So this is really serious. And I think that only a set of measures which would reanize the financial system at the worldwide level would have a psychological impact on the populations and on the people who vote. Unless something like that happened and the . has to take the lead nothing can happen unless [President Barack] Obama together with the IMF says, “Okay. Enough is enough. Let39。s start some very strong measures.” Guillen:What is that going to mean for the dollar? Well, I think Americans all of us, in other words are going to have to think very hard about what we are doing, and our standard of living is going to e down on average. I think this is inevitable unless we bee more petitive. It is a bad thing that now when there is uncertainty in the world, the dollar suddenly bees more valuable because that is hurting some of the incipient export activities going in and out of this economy. So it is actually, I think, bad that this is happening. But people seem to celebrate it [because] suddenly the dollar is a little bit stronger. That is actually the last thing that we would like to have right now in the . a strong dollar. What we need is a relatively weak dollar. We need to reduce the trade deficit and we need to bee more petitive and import less. This is actually producing the wrong set of incentives. But, again, I think there are too many “ifs” and too many moving parts in the questions that were just formulated. Again, I think, right now given that the hotspot seems to be Europe that39。s the center of attention now what we need to do is to try to resolve the situation there and then take it from Merchants Bank (CMB) opened its New York branch the first Chinese bank branch opening in the . after a decade on October 8, 2021, just as Lehman Brothers was in throes of collapsing and the global economic crisis began escalating. Having witnessed the crisis from the eye of the storm on Wall Street, and then the huge credit release in China last year, Ma Weihua, the bank39。s president, his thoughts on what lies ahead for his countr y39。s fastchanging financial services sector. Ma, who has fed a reputation as one of China39。s most charismatic business leaders since joining the thenfledgling Shenzhenbased bank in 1999, also discusses his leadership philosophy and what it takes to manage a pany such as CMB now one of the biggest players in its sector. Ma Weihua: Last year’s new loans were made under special circumstances. The country needed to escape the shadow of the financial crisis, so both fiscal and moary measures were necessary to move China out of the crisis and restore confidence. Given the speed at which the loans are made, China’s ability to collect information on them, estimate project risk and implement guarantees is not on the same level as that of America. Concerns about these loans are wellfounded, and people are being more aware of