Check out UNCTAD's new publication here. From the conclusion:
"There is a very real risk of new economic crises erupting and, in today’s highly integrated world economy; their impact will not be limited to specific sectors or to well-defined regions. The G-20 initially recognised this fact, but recent actions have not been consistent. In particular, the fiscal restraint in the countries with current account surpluses and very low long-run interest rates in Europe, point precisely in the wrong direction. A fragile global economy has a significant interest in the implementation of expansionary, rather than contractionary fiscal policies in key economies. Only the former can open a path towards lower fiscal deficits and falling public debt ratios. A “lost decade” for the world economy would risk the development gains achieved during the recent years, and throw into question the ability of democratic governments to tackle the most urgent challenges of our age."Fiscal austerity in the center, not bubbles in the periphery, are the real risk for the global economy.