Meanwhile, the emerging powers continue to lean toward bilateralism and are aligning themselves with other countries.

Meanwhile, deficit and debt indicators have worsened, both in absolute terms and relative to emerging economies, and the average risk premium on advanced economies debt now exceeds that for emerging economies.

As a result, unemployment has surged, now exceeding that of emerging economies.

We welcome the emerging economies call for reform of global institutions.

We need to integrate today s emerging powers into a new system of global governance.

The latter, however, should be ready to share the burden with us.

Emerging economies will achieve higher growth (in the 6 range), and their income and wealth levels will continue to converge with those of advanced economies.

The rising powers must be present at the creation of this new system in order to ensure that they will be active supporters.

What unites emerging powers today is more their denial of international responsibilities than their joint diplomatic efforts.

Emerging political actors feel compelled to develop more detailed economic programs and to address their populations growing material grievances.

The question is what China, India, Brazil, and others are prepared to do with their growing strength.

Sovereign creditworthiness will continue to diverge, with a further deterioration in advanced countries and continued improvement in emerging markets.

Today, the hopes of the world economy rest with the emerging powers in east and south Asia, led by China and India.

As for climate change, the positions of the emerging economies were until mid 2009 negative or defensive.

Overall, the emerging political players particularly the Islamist parties have adopted a rather conciliatory tone regarding engagement with international actors.

Few people appear to realize the fundamental contribution of the emerging economies to the success of the current global trade regime.

And what of the emerging powers? China has taken huge advantage of the global marketplace created above all by the US.

Emerging powers have the potential to fill this need. The question is what China, India, Brazil, and others are prepared to do with their growing strength.

An equitable and fair global architecture means not only giving a greater say to the major emerging economies. It also means systematically including other developing countries.

This requires further development and deepening of strategic relations with emerging powers, such as China, India, and Brazil, as well as with regional organizations.

The country s backwardness vis à vis not only the West, but also some of the emerging powers drives home the need to modernize Russia s technological base.

The fact that the core emerging economies have contributed substantially to shaping the new global economic framework does not mean that they do not still face serious challenges.

The world s rising powers are likely to be increasingly disinclined to accept constraints that they see as American or European tutelage.

Moreover, the failure of the global financial system comes at a time when power is shifting from West to East. Today, the hopes of the world economy rest with the emerging powers in east and south Asia, led by China and India.

US dominance is clearly on the wane, but a multipolar order implies that several emerging powers hold competing views about how the world should be run, and that they are prepared to act to advance their global agendas.

And both face serious demographic problems, given shrinking and aging populations, as well as the challenge of Asia s rising superpowers.

The world s richest countries (the G7) turned to the emerging powers within the G20 to help coordinate a response to the global financial slowdown.

Meanwhile, the emerging powers continue to lean toward bilateralism and are aligning themselves with other countries. Lack of agreement on the United Nations Security Council resolution against Iran does not help coordination and cooperation within the G 20, either.

Welcome to the twenty first century. Europeans have to adjust to it, rise to its challenges, and confront competition from the emerging powers.

And America must be a respectful partner in order to encourage rising powers like India and China to play more constructive roles in international affairs.

MILAN In rapidly growing emerging markets, a combination of internal economic forces, supportive policies, and the shifting nature of the global economy drive high speed and far reaching change.

The West the United States and Europe are in relative decline, while the emerging Asian and Latin American powers will be among the winners.

First, key emerging actors China, Russia, and India are not ready, willing, or even capable of performing a stabilizing international role.

Moreover, hopes for mitigating or, indeed, overcoming the global economic crisis rest exclusively with the emerging economic powers, first and foremost China.

It is past time for these modest changes, because the Asia Pacific region's many fault lines affect the interests of the world's great and emerging powers in fundamental ways.

On crisis management in the wake of the financial meltdown in 2008, the emerging economies have been as diligent and active as the US and the European Union. The deterioration of the overall fiscal balances of South Korea, China, and India has been just as severe as in the larger EU member states.

There are also signs suggesting that emerging economies breakout is well anchored, and that China, in particular, will be able to navigate its complicated middle income development transition.

It would re establish and modernize the norms of behavior that both the US and Europe would want all countries notably, emerging powers like China to respect in the future.

But its approach to e tail is poised to be one of the forces shaping the emerging market Internet revolution of the twenty first century.

For the Unites States, the European Union, Japan, and other members of the Old West, the good news is that most of the emerging powers that are positioning themselves for a more active global role are also democracies.

Emerging economies fear that this flood of capital will drive up their currencies exchange rates, in addition to fueling current account deficits and asset bubbles, which past experience has taught them is a sure recipe for future crises.

Today s world, with its rising global powers (such as India, Brazil, and China) and rising regional powers (such as Turkey and Mexico), is increasingly post American.

None of the emerging powers has even begun to use its growing political and economic clout to advance truly global ambitions or to take on responsibilities that Washington can no longer afford.

All of them have it wrong. US dominance is clearly on the wane, but a multipolar order implies that several emerging powers hold competing views about how the world should be run, and that they are prepared to act to advance their global agendas.

With emerging regional powers increasingly challenging the capacity of the Security Council s permanent members to shape events in the Middle East, there is no time to waste.