Huge public debts, lacklustre political leadership, teetering on the edge of an abyss... For Italy in 2011, read Italy in 1992, or Italy in the mid 1970s. The country has failed to learn the lesson of past crises and will have to make some unpopular decisions if it is to break this cycle.

To overcome its sovereign debt crisis, Europe needs to be decisive and draw on help from the private sector, and it needs strong political leadership. But most importantly, it needs to take note of the lessons learnt from past crises in developing nations says William R Rhodes. 

African countries are being held back by a lack of integration across the continent. Some say it is time to redraw the map by breaking down borders and deepening regional blocs, which will enable free trade to flourish. 

Finance minister Tendai Biti has helped turn around Zimbabwe’s economy since taking office in 2009. But he faces a tough task trying to lure foreign investors to a country whose politics are still so messy. 

Brazil may be the world’s seventh largest economy in terms of gross domestic product, but its legislation and taxation policies, not to mention its infrastructure, still needs a lot of work if the country is to realise its full potential.

Peru's central bank governor, Julio Velarde, explains that with increasing levels of private investment, there is potential for further growth in the country.