One by one, the props to enhancing world recovery are falling away. The sharp deterioration in emerging-market economies over the summer, significantly weakening one of the main supports for export-oriented nations like Germany, could gravely lower international growth prospects just at the time when confidence was starting to ripple around the world. Only five months ago, Christine Lagarde, managing director of the International Monetary Fund, spoke of a three-speed global recovery, with the emerging world on a dynamic path, the U.S. picking up and the euro area still becalmed. Strong hints of reductions in the ... (full story)