‘We are trying to change the course of the Titanic. It cannot be done in a day’ said the Greek Finance Minister, Giorgos Papakonstantinou, of his country’s much-publicised debt crisis. But across the pond, it seems that the State of California is in a similar boat. The economic woes of both, it seems, threaten to drag the economies of their neighbours down with them into the murky depths of debt crisis. 

One glaring difference is that while the EU has agreed in principle to bail out Greece, Washington has largely given California the cold shoulder – which seems rather strange, considering that Greece makes up a mere two percent of the EU’s GDP, while California accounts for a whopping 13 percent to America’s. 

Indeed, from the ‘Cradle of Democracy’ to a decidedly more youthful one, the 2008 financial crisis – the last financial ‘extreme event’, also known as a ‘Black Swan’ – continues to rock the boat. Prior to the crisis, financial firms explored the feasibility of pandemics, cyber-security and terrorism triggering these black swans. Yet now, it seems they are looking to the enemy within – systematic risks and how they can become amplified in combination. 

Undoubtedly as a result of the uncertainty and unpredictability surrounding such events – that is, the ability of officials and experts to predict them, or indeed announce them (depending upon how cynical you are) - that seems to have led to citizens and non-governmental organisations the world over to press harder for access to public data at the national, state and municipal level. Providing access to such data, says Vivek Kundra, the US federal government’s CIO, “creates a culture of accountability”. 

Indeed, sooner or later, this ethos is something that will need to be embraced, by nations and entities alike, as much when it comes to carbon consumption, as the quality of credit ratings. Our Trends in Trade feature in this month’s Euroasia Industry therefore highlights the increasing need for corporate transparency as we move towards a universal carbon currency. 

In Challenges of Our Times, Simon Davies examines how China’s strangle-hold on the lion’s share of the world’s rare earth has glaring implications for the future development of all manner of new applications, while Eric Payne’s Science and Technology feature unveils the exciting development of 3D printing, and how this could revolutionise – perhaps even democratise - the manufacturing process. 

Laurie Cuthbert’s report on the Railway Industry shows how stimulus in infrastructure projects the world over is driving the revival in rail as the transportation for future sustainability – by both reducing emissions and moderating the growing cost of logistics. Indeed, with more than four billion Euros being pumped into its rail network over the next five years, there is no doubt that Poland’s rail industry now offers substantial new investment, development and business opportunities. Bob Combes explores these and more in a country that overcame devastation to emerge reborn as a remarkably strong and resilient member of the European Union. 

Finally, Gemma Carter investigates the latest revival of the idea of a European ‘Supergrid’, tapping into the continent’s diverse renewable resources and lowering the cost of power for all its participants – an ambitious concept that could well help these nations get back on track.