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Global powers are unprepared for the next emergency

And that will inevitably come. The disagreements at the recent G-20 meeting exposed rifts in views, and no substantial decisions were taken.

China was notably absent from the worries listed in the G-20's final communiqué. However, the outbreak of openness did not offer much more clarity about how China is managing its currency.

THE world's economic powerhouses are poorly equipped to deal with the next emergency. That's the main lesson from the latest recent confab of leading central bankers and finance ministers in Shanghai. Though fears about an imminent crisis look premature, the outbreak of bickering over fiscal and...

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