As Western economies retrench, the fast-rising economies of the developing world are shouldering a growing share of aid to the world's poor. Are we really OK with ceding foreign aid, and influence, to China and Brazil?

The 17-country eurozone risks falling into a "severe recession," the Organization for Economic Co-operation and Development warns, calling on governments and Europe's central bank to act quickly to stop the slowdown spilling over into the global economy.