Word: reformations
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...timing couldn't be worse. Policymakers and business leaders have been looking more and more to a partnership between China and the U.S to solve the world's most intractable problems, from reform of the global financial system to climate change to nuclear proliferation. Most pressing, cooperation between Washington and Beijing is seen as absolutely crucial to nurturing the budding recovery of the global economy. The two sides need to alleviate the giant economic imbalances - excessive debt and deficits in the U.S. paired with excessive savings in China - to restore the world economy to a more sustainable growth path...
...complex negotiations that led to the last big intake of new countries to the E.U. and boasts, if his straightforward delivery can be called a boast, of knowing most of Europe's leaders. Those connections, and his political heft, will help in his new role. "I'm a reformer," he says. "I want to continue the transformation and reform of NATO...
...Sony and Panasonic. Japan can no longer expect economic growth to be generated almost exclusively by a handful of powerful multinational manufacturers. Increased domestic consumption as well as investment in small- and medium-sized enterprises are needed to help drive economic growth. This will require major change, including regulatory reform that encourages the formation of small businesses that in most countries are the biggest generators of new jobs...
...party's plan to increase disposable household income through direct payments like monthly child allowances could stimulate domestic consumption - but far more must be done to restore public confidence. Japan will not reform its economy unless its people feel secure. That's why it's vital for leaders to push ahead with reforms to pension, health-care and unemployment systems. Japan's current social-security programs hark back to an era of guaranteed jobs for life, which places unsustainable financial burdens on companies and individuals. Until modern safety nets are built, it will be impossible to make Japan more efficient...
...Just as the wise men - Averell Harriman, Dean Acheson and the like - who remade international institutions at the end of World War II would not have been able to do what they did without the assistance of Arthur Vandenberg, the powerful chairman of the Senate Foreign Relations committee, so reform of the financial system today cannot bypass Representative Barney Frank, the chairman of the House Financial Services Committee...