Author: Yoichi Funabashi

The U.S.—Europe—Japan triad, representing the world’s three largest economies, is in simultaneous recession for the first time in the post-World War II era. China, meanwhile, is suddenly seeing its 30-year economic dynamism lose steam, with its mighty export machine not just stalling but actually slipping into reverse.

This tangle only promises to tighten.

In this Washington Quarterly, I examine the current crisis and the challenges that we shall face on a grander scale. The crisis demands greater procedural vision, rather than an entirely new structural vision. The G7 and G20 desperately need to be strengthened, and, as power shifts eastwards, a robust Asia-Pacific strategy is necessary, with U.S.-China-Japan trilateral cooperation at its centre.

For the full article, please see here [.pdf].