December’s publication summarizes three articles that provide outlooks for 2012. The first examines the macro and political risks that will affect the global economy in 2012. The others explore lessons from historical financial crises and their possible implications for Europe and the United States today.

• “2012: Another Difficult Year” by Gregory Peters, et al., Morgan Stanley, December 6, 2011
• “Credit Outlook 2012: Think the (Even More) Unthinkable … ?” by Jim Reid, Mahesh Bhimalingam, and Nick Burns, Deutsche Bank, December 12, 2011
• “The Euro Crisis and the World: Lessons Learned from Asia 1998” by Dominic Wilson, Kamakshya Trivedi, et al., Goldman Sachs, December 14, 2011