The venue to discuss the declining economic health of Western economies could not have been located in a more ironic setting: The opulent Emirates Palace hotel in the capital of Abu Dhabi, one of the richest cities in the world. The panel was situated inside the hotel's expansive auditorium, featuring a stage framed by gilded reliefs of falcons, the symbol of the United Arab Emirates, amber lighting and surrounded with floral bouquets.
But attendees at the biannual Festival of Thinkers conference heard a prognosis for the global economy that was far from rosy. The session opening the gathering of internationally renowned scholars, business leaders and educators was largely downbeat, highlighting persistent concerns with the euro and sovereign debt.
"The problem is none of the institutions or countries have incentive to take into account the chain reactions their failures may make," said Eric Maskin, the 2007 Nobel Laureate in Economics. "Even when the world hasn't recovered, high leveraged ratios are a problem again."
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