Morgan Stanley think that five tough transitions are now necessary for global economies to grow, or as they put it to "embark on a sounder, safer and more sustainable second half".
- US: From QE to credible forward guidance on interest rates.
- Japan: From deflation to (moderate) inflation.
- Europe: From financial fragmentation to a credible banking union.
- China: From leverage-driven growth to reform-driven growth.
- Emerging markets: From broken traditional to sustainable new growth models.
We'd love to see some odds on each of those happening...