Quotes from Charles Dallara

Threats of trade protectionism, plus unilateral actions on the exchange-rate front, such as the heavy interventions of China, Japan, and Switzerland in the currency markets - not to mention the retaliatory tariffs recently passed by the U.S. House of Representatives - endanger growth prospects and could further depress financial market confidence.

Countries that are occasionally immature in their ability to manage their economic affairs as well as they should - and that includes most of them - are going to find that the world is at risk.

Greece's unprecedented fiscal effort, which was more than planned, has triggered much larger contractions of economic activity and the tax base than the original program had assumed.

In a moment of stress, funding may go to systemically-important firms, which could pull funding away from firms not making the cut.

Observers and even some officials raise questions about the future of Greece as part of the Eurozone, while the Eurozone itself struggles to deal with fundamental flaws at the heart of its architecture.

Some of the policy measures that are important are politically difficult if taken independent of actions by others in support of common goals. Joint actions are therefore needed, and establishing a G-11 with an effective role for the IMF provides the viable way forward.