NEW YORK — The world’s financial markets are on the brink, and 2012 could result in the global economy turning a corner — or crumbling, experts said on Saturday.
During a panel discussion at The Economist’s World in 2012festival, former U.S. Treasury secretary Robert Rubin, Morgan Stanley CFO Ruth Porat and Brookings Institute fellow Eswar Prasad agreed that 2012 would be the year that defines the path that the U.S., European Union and emerging economies for the next decade.
What they disagreed on was the likelihood of each option.
First, the United States. Rubin said he believes that there is “a material likelihood” of major government action on fiscal matters in the short period of time after the U.S. presidential election.
“If major action does occur, it is more than likely that it will be reasonably constructive in terms of mainstream agenda,” he said. “Though it is certainly possible it could be otherwise.”
The direct relationship between the success of business, citizens and politicians suggests that it’s more than likely that common ground for “fiscal rectitude” can be found, Rubin said.
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