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Key Economic News To Watch This Week: Dec. 5

A quick preview of the key economic events for the upcoming week:

The European debt crisis will continue to take centre stage this week – with the ECB interest rate decision and the EU Summit taking place.

Monday, 5December

German Chancellor Angela Merkel and French President Nicolas Sarkozy announce joint proposals for treaty changes for the European Union. Following the debt crisis, emphasis will be placed on tighter fiscal control and legally enforceable budget rules.

Why The IMF Must Stay Out Of Europe’s Crisis: Mario Blejer & Eduardo Levy Yeyati

Europe, it seems, is determined to resolve its problems using other people’s money. But there are at least three reasons why the IMF should resist this pressure, and abstain from increasing its (already extremely high) exposure to Europe.

China “Deeply Concerned” With US’s “Strong Tendency For Trade Protectionism”

The Chinese Commerce Ministry has criticised the US for its “strong tendency for trade protectionism”, after a recent preliminary ruling by the US International Trade Commission voted unanimously to investigate charges of unfair Chinese trade practices in the solar panel industry.

Monti Renounces Prime Ministerial Salary As Recession Looms for Italy

Italy is expected to slip into recession in 2012, with a projected contraction of 0.5 percent in its gross domestic product. The outlook was announced by the country’s deputy economic minister, after Italy’s cabinet passed a deal intended to rescue the country from the brink of bankruptcy.

China’s New Wave of Economic Immigration

Since China opened up its doors to the world a few decades ago, we’ve witnessed what has been a remarkable Chinese growth spurt. Today, China has the second largest economy in the world, the largest bank by market capitalization, and also the largest population of 1.34 billion in the world. As its economy continues to run full steam ahead, it is unsurprising that China is grappling to contain a massive influx of foreigners, both skilled and unskilled, who want a slice of its growing economic pie.

Infographic: 7 Billion People – What It Means For The World

On October 31^st2011, the world reached a population milestone of 7 billion people. With an ever-increasing population, further strains will be placed on our global resources, including food, water and energy. But with newer technology emerging every day, can the world cope with its rising population?

How will population growth trends change over the next few years? Check out this infographic that explores the nation of population growth, as well as provide facts and statistics for the future of our society.

EU Split On Iran Oil Embargo Despite New Round Of Sanctions

European Union nations have agreed to impose tough new sanctions on 180 Iranian officials and firms over the country’s alleged attempt to acquire nuclear capabilities, though the meeting in Brussels stopped short of any decision to halt the purchase of oil from the Islamic state.

The Almighty Dollar – Are We Entering A Post-USD World? : Sanjeev Sanyal

Even if China replaces the US as the world’s largest economy within a decade, a global anchor currency can be more resilient than the economic and geopolitical dominance of its country of origin. That is why the dollar will most likely remain the dominant global currency long after the US has been surpassed.

Corruption Helped Cause The Eurozone Crisis: Transparency International

Prevailing corruption in a number of eurozone nations played a role in exacerbating the current regional debt crisis, and continues to hamper any relief efforts, said top international corruption watchdog Transparency International (TI) on Thursday.

Asia’s Wake-Up Call – Is The Export-Oriented Model Dead? : Stephen S. Roach

The US’s and Europe’s woes should be ringing alarm bells across Asia. Although many believe that the region can shrug off almost anything that the rest of the world dishes out, the crises in both regions have intensified Asia’s vulnerability to external shocks. This is Asia’s second wake-up call in three years, and this time the region needs to take the warning seriously.