Many events have taken place lately that even just a few years back would have been unthinkable. The US has had its public debt downgraded, public finances across western Europe have been drastically shaken, the Chinese government has reprimanded American politicians, Argentina has been offering advice to Greece on how best to handle its debt crisis, and Mexico's respected central bank governor Agustín Carstens's candidacy to head the International Monetary Fund was widely viewed as plausible and, as some had suggested, was also an attempt to raise the international standing of his country.
But before the balance of the world’s economy tips completely, much still needs to change within many of the large emerging economies. Some of these changes are already happening, but the question is, how effective will they be?
