The threat to global stability still has not been averted

From: http://www.telegraph.co.uk/finance/financialcrisis/8835221/Mervyn-King-time-running-out-to-solve-world-economy-crisis.html

"In a sobering assessment of the world economy, Sir Mervyn warned that even if world leaders managed to agree on emergency moves to support the banking system and debt-stricken economies such as Greece, they would still not have averted the threat to global stability.
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The root cause of the debt crisis threatening major Western economies was a long period of 'unsustainably high levels of consumption', in which governments, companies and individuals spent more than they earned, the governor said.

That spending was made possible because fast-growing emerging economies such as China spent much less than they earned, then used their surpluses to lend to the West."