In the US, President Obama and the Congress are at loggerheads over economic policy.
Eurozone governments are making desperate efforts to contain a sovereign debt crisis which has spooked markets around the world.
Angel Gurria, secretary general of the Organisation for Economic Co-operation and Development (OECD), dicusses whether there is a way out of the cycle of high debt and low growth that the developed world finds itself in.
HARDtalk's Stephen Sackur asks him about how the United States can balance its books.
Watch the full interview on BBC World News on Wednesday 6 July 2011 at 0330, 0830, 1530 and 2030 GMT and on BBC News Channel on Wednesday 6 July at 0430 and on Thursday 7 July at 0030 BST.
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