Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that the International Monetary Fund (IMF) deserves credit for effectively responding to the global and European financial crises. However, the institution will face different and potentially more difficult challenges in the next five years as it struggles to come to terms with a changing international power order and lending rules that are not well suited to address future crises.

Bottom Line: Growth is slowing in China, which could constrain the pace of rebalancing and policy reform. China's long-term growth could disappoint markets. If you are an English football fan, you…

Bottom Line: The crisis in Venezuela continues to escalate, with no recovery or relief in sight. A messy and chaotic default looms, and the rescue will likely involve a tough adjustment program, larg…