‘Editor's note - March issue 2012’

The global economy appears to be at a crossroads, with the US cranking into life while the eurozone is locked in frantic efforts to solve the sovereign debt crisis. What happens to the fortunes of the world’s economies is likely to be shaped by a variety of factors, including the price of oil. Our graphic illustrates the complex relationship between the world’s biggest users and suppliers, and the vulnerability of the largest economies to a new oil price spike. Given the continued threats to worldwide economies, our article asks CIMA members in five private-sector industries to give their advice for those running public finances around the world. At a corporate level, Stephen McCall, the UK managing director of InterContinental Hotels Group, offers insight into how the company is coping in an industry hard hit by the global downturn. Read his views in our feature. Against this background, CIMA and the AICPA have now launched the Chartered Global Management Accountant designation (CGMA). Therefore, also in this issue, CIMA chief executive Charles Tilley, and Barry Melancon, president and CEO of the AICPA, offer their views on the CGMA designation – and what it will mean for you and your organisation.