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The savings of the emerging world allowed the rich world to spend too freely, one of the deeper causes of the wave of crises that has afflicted the rich world since 2007.
John Prendergast, a longtime Darfur activist, said key administration officials, including Ms. Power, who is a close friend, remained concerned about Darfur, though "right now the foreign policy is overwhelmed by a tidal wave of crises".
In total, the bank reckons, emerging economies grew at an average rate of 8.7%, more than twice as fast as the developed world and their quickest pace since 1994, before the wave of crises that hit emerging markets from Mexico and Asia to Russia and Argentina.In this section Altogether now.
The episodic wave of crises experienced across the global financial markets over the past two decades has raised questions surrounding the vulnerability of transitioning emerging and frontier equity markets to exogenous shocks.
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The corporation has reeled under wave after wave of crisis.
On the ground, I met terrified people, living in daily fear that they could not feed their children or protect them from the next wave of crisis: the spread of diarrhea, hepatitis, malaria and, most deadly, cholera.
Will the emerging market economies be able to sustain this optimism or will yet another wave of crisis hit those markets as well?
But with the ECB just about the only buyer of Italian bonds, according to traders, it may have to act more aggressively to contain the latest wave of crisis, despite internal opposition to its bond-buying program.
The 1980s and 1990s saw a wave of currency crises and sovereign defaults, including the 1987 Black Monday stock market crashes, 1992 European Monetary System crisis, 1994 Mexican peso crisis, 1997 Asian currency crisis, 1998 Russian financial crisis, and the 1998 2002 Argentine peso crisis.
The present wave of global crises has also raised questions about the UN's ability to deal with them all.
The Italian turmoil "could potentially cause a new wave of euro crisis," Holger Schmieding, chief economist at Berenberg Bank in London, wrote in a note.
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