Instead of weak goods and services demand, European financial contagion poses the biggest threat.
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The IMF should provide emergency finance to help countries ward off global financial contagion.
Financial contagion from Europe could quickly turn conditions in China and America from disappointingly soft to dangerously recessionary.
This crisis has shown that G7 countries are not immune to financial contagion.
The next point of financial contagion would be banks' direct exposures to Greece.
Another outbreak of financial contagion, spreading finally to the West, is a terrifying prospect for Asia and urgently needs addressing.
Today countries are often punished through financial contagion, but the punishment they receive is out of proportion to their crime of bad policies.
CNN: This monetary body would limit Crisis spillover effects
And what happened is, what macro economists call a financial contagion.
And fears of financial contagion have made the markets unnaturally volatile.
Countries such as Brazil and Uruguay, which are seen to be victims of financial contagion from Argentina but to have sound economic policies, can expect support.
Some have speculated that if Greece withdraws from the euro, it would spell doom for the currency, as other debt-troubled nations exit in similar fashion (a financial contagion).
These have made its performance highly vulnerable to financial contagion.
So it is an irony that China's leadership is congratulating itself for avoiding the worst of Asia's financial contagion just as it is endorsing a very Korean form of corporate development.
American investors need to be aware that problems in the Eurozone will lead to global financial contagion, a worldwide recession and a possible repeat of a crisis like the one that followed the 2008 Lehman bankruptcy.
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Some will obviously be concerned about financial contagion - the risk that depositors and investors in Italy or Spain will look at this deal and wonder if they could also lose out if their bank got into trouble.
You forget that the two main emerging countries that targeted inflation during the 1990s Chile and Israel successfully withstood a major test in 1997-99, in the form of exchange-rate depreciation caused by financial contagion and terms-of-trade deterioration in the wake of the Asian crisis.
The moves by the U.S. Federal Reserve, the European Central Bank, the Bank of Japan and other central banks of the world serve notice that they are in unison on making sure the European Union debt crisis does not spread into a worldwide financial contagion.
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As Jones and Celente see it, the collapse of the Western financial markets and contagion from southern Europe.
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This stems from a recognition that traditional oversight needs to go hand in hand with the macroprudential sort that takes account of the collective behaviour of financial firms, contagion effects and so on.
Governments' inability to undertake effective action because of structural weaknesses in their financial systems exacerbated the contagion.
CNN: This monetary body would limit Crisis spillover effects
The Troika appears confident of its capacity to contain a financial crisis, but if markets turn on them, contagion may become uncontainable, as the U.S. financial crisis proved.
In the financial stampede to escape the escalating contagion, the stock markets of the world are getting trampled underfoot.
During his time at the Fed, McDonough helped rewrite capital rules for banks and helped guide bankers' response to several global financial crises, including the Asian contagion of 1997 and the aftermath of the Sept. 11, 2001, terrorist attacks.
The Mexican intervention, controversial at the time and in league with the American Treasury, is now widely judged a success, if only in the sense that once the bail-out was in place, the risk that contagion from Mexico's financial troubles might infect the rest of Latin America passed swiftly.
Lastly, cross-border financial integration has spread far enough to channel contagion from one country to another, but not so far as to break the cycle of weak banks and weak sovereigns bringing each other down.
On Tuesday, shifting its focus from the weaker parts of the euro zone to the core, it cut the credit ratings of six German banks due to potential contagion from the rest of the financial system.
And if the financial crisis taught us anything, it is that contagion is endemic to the global market system.
"We are still certainly worried about the risk of contagion from a further deterioration in global financial conditions, " Mr. Singh told a briefing that was webcast to Asia.
To limit contagion, the leaders gave enlarged powers to the European Financial Stability Facility (EFSF) to extend short-term loans, recapitalise banks and buy bonds of troubled sovereigns in the markets.
And we need to understand what went wrong in this crisis, that the very financial instruments that were designed to diversify risk across the banking system instead spread contagion across the globe.
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