Borrowing was both the shaky foundation of global growth and the cause of its collapse. It started with a bust and it ended with an even bigger bust. In between was sandwiched an unsustainable boom. Banks have been humbled. Economists have been found wanting. Geopolitical power began to shift from west to east. That was the noughties that was. It barely seems five minutes ago that policymakers were fretting about the...

The Rajya Sabha on Wednesday approved the Competition (Amendment) Bill 2009 which was passed by the Lok Sabha. The Bill repeals and replaces the Competition (Amendment) Ordinance, 2009. The Bill provides for transfer of anti-competition cases pending before the Monopolies and Restrictive Trade Practices Commission (MRTPC) to an appellate tribunal. With this, the commission would cease to exist, two years ahead of its scheduled closure. Tabling the Bill, Minister of State for...

The recession was less calamitous than many feared. Its aftermath will be more Dangerous than many expect IT HAS become known as the “Great Recession”, the year in which the global economy suffered its deepest slump since the second world war. But an equally apt name would be the “Great Stabilisation”. For 2009 was extraordinary not just for how output fell, but for how a catastrophe was averted. Twelve months ago,...

  On a day of long speeches in the plenary and loud protests outside, the Danish president of the UN climate talks here told developing countries that progress on the Kyoto Protocol is unlikely here. There may not be any post-2012 commitment of emission cuts by rich nations under the Protocol coming out of Copenhagen. Outside, protesters and police scuffled as an attempt to break through the barricades of the Bella Centre,...

After three days of deadlock, the United Nations climate talks here are moving again, propelled by a quickly approaching deadline, the prospect of 130 world leaders in the same city, and “sustained pressure” by major developing countries, including India. With less than 24 hours left before the end of the summit, negotiators are back to working on both the Kyoto Protocol and long-term action draft texts. In other encouraging signs for...