Instead, advanced countries should issue them first.

But advanced countries will not emerge unscathed.

Advanced countries, including European countries, will see a relative decrease in voting power.

Advanced countries are certain to resist any new commitments.

Other small advanced countries also have lessons to offer.

Growth and employment are thus diverging in advanced countries.

The US and other advanced industrial countries pushed globalization.

Naked self interest should persuade the advanced countries as well.

So mercantilist pressures will likely intensify in the advanced countries.

Although recovery in advanced countries remains fragile, developing countries appear to have weathered the storm.

Advanced countries by themselves simply cannot ensure that safe global CO2 levels are reached. Just waiting for the high growth developing countries to catch up with the advanced countries is even less of a solution.

These dynamics and related challenges are not confined to advanced countries.

In principle, low post crisis growth in the advanced countries need not impede poor countries economic performance.

While the impulse came from the advanced countries, economic logic promised much for the world's poorest countries.

But this would ignore a fundamental asymmetry between advanced and emerging countries.

Quantitative easing in the advanced countries also raises a question of coordination.

Unfortunately, advanced countries have implemented very little fundamental tax reform so far.

This brings their structure closer to that of the advanced countries, introducing greater competition in what was once the advanced countries sole territory the most sophisticated of value added goods and services.

The emerging countries are doing nothing more blameworthy than working towards their place as equals alongside advanced countries.

Indeed, advanced countries, including the US, have dug themselves into a deep hole.

Advanced countries need credible medium term plans to stabilize and reduce public debt.

In developed countries, most industries are advanced, which suggests that upgrading requires innovation.

Advanced countries have been the biggest sources of carbon emissions until relatively recently.

The developing world was growing nicely, while the advanced countries were virtually stagnant.

Best practices are increasingly emerging from experiences in countries with advanced statistical systems.

Furthermore, many advanced countries had not improved oil refining technologies for some time.

Several countries had advanced similar arguments in their written submissions to the Court.

Applied tariff rates in developing countries, while higher than in advanced countries, are already at an all time low.

No more. Fear of competition from abroad is now fundamental, and will change the political process in advanced and relatively advanced emerging countries throughout the world.

The advanced countries are in for the worst economic downturn since the Great Depression.

Advanced countries by themselves simply cannot ensure that safe global CO2 levels are reached.

South Korea is hugely dependent on exports to advanced countries, Brazil much less so.

Advanced countries moved to prevent a downward spiral using monetary and fiscal policy tools.

After all, emerging and developing economies are growing much faster than the advanced countries.

But a simple shift of responsibility to the advanced countries by exempting developing countries from the mitigation process will not work.

Just waiting for the high growth developing countries to catch up with the advanced countries is even less of a solution.

It goes without saying that developing and emerging market countries no longer look at the advanced countries as they once did.

Real GDP has been increasing at around 3 a year in advanced countries, and even faster recently in many emerging countries.

The financial and economic crisis is morphing into a sovereign debt crisis in advanced countries.

Admittedly, there were warnings, but policy makers, particularly in advanced countries, did not follow suit.

Unfortunately, aid budgets are threatened by fiscal weakness in almost all of the advanced countries.

The need for burden sharing, particularly between advanced and developing countries, will not magically disappear.

It may be too late to avoid a recession in the advanced countries and a slowdown in emerging and low income countries.

As the crisis struck, capital flowed out of developing countries to shore up damaged balance sheets in advanced countries. Credit tightened sharply.

And there is evidence that they got advanced countries to pay more attention to poor nations.