Thank you, Kiran, for your thoughtful response. We are in favor of infrastructure that is "appropriate scale" for democratically determined purposes, wherever and however that is possible. We see that - at multiple levels - the quest to scale-up PPPs and bundle them into investment portfolios lacks key norms other than those protecting investors. At the G20, there are repeated failures to introduce normative thinking. This failure is more dangerous than the scale or the financing modality in my view. Regards, Nancy
The United States’ federal budget deficit is currently projected to explode, increasing the federal debt to unprecedentedly high levels. A very gradual fiscal consolidation, with federal spending as a share of GDP declining slightly each year, would both raise economic growth and create a more resilient economy.
For historical reasons, Europe has long resided in the strategic shadow of the United States, which itself has underwritten decades of globalization and rapidly expanding prosperity. But the global balance of power is rapidly shifting, leaving Europe increasingly exposed.