A glaring fact of the recent financial crises is that banks act too selfishly without any due concern for social benefits, argues Bob Diamond, chief executive officer (CEO) of Barclays, a global investment bank based in the United Kingdom (UK). Saving the world from the credit debt glut calls for citizen-based banking services, he asserts.

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Changing global economic dynamics will not change the relevance of industrialisation for economic growth, argues Justin Yifu Lin, chief economist and senior vice president for Development Economics at the World Bank Group (WBG). As far as the reality goes, he states, value addition is the way for development.

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All available narratives about the lingering global economic crisis have their own faults, as they focus on short-term goals rather than long-term ones, argues Raghuram Rajan, former chief economist for the International Monetary Fund (IMF), currently an economic advisor for the prime minister of India. It is only if conflicts of interests between states and the public can amicably be resolved that stable recovery is possible, he concludes.

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Significant leverage in saving the global economy from an even deeper recession lies in the hands of politicians, reckons Joseph Stiglitz, professor of economics at Columbia University and a Nobel laureate in economics. But, he argues, gridlock is typical of national politics in many developing countries, paving the road for rational pessimism in the coming year.

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Global economic interdependence has diffused the negative externalities of recession to the emerging Asian economies to an extent that they no longer are safe, argues Laura Tyson, professor of economics at the University of California. Even if finding new growth sources might help, it is not a panacea, she asserts.

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