It is one year since we launched the #01 Be Brave! edition – and what a tumultuous time it has been. The launch coincided with the most dramatic period in the global economy in the last 60 years, a time when the entire financial system reached the point of worldwide meltdown. 

While it appears we are emerging from the worst of the crisis, such an event will cast a shadow for years to come. To gain an insight into what caused the crisis and to determine if such events can be avoided in the future, Avinash Persaud and John Casti talk with Douglas Eu. To understand the economic implications for the next few years, we also refer to expertise from within the Allianz group: in this edition we have a contribution from Mohamed El-Erian, CEO and co-CIO of PIMCO and one of the world's most respected financial and economic analysts. You will also find perspectives and opinions from our discussion with  Andreas Utermann, the Global CIO of RCM. 

Turning to the future, to further our understanding of the challenges and opportunities ahead, we have contributions from leading experts in the fields of demography and climate change. In addition, Piero Bassetti from the Bassetti Foundation discusses the promise – and dangers – of innovation. This is particularly intriguing because, as Piero notes, human endeavors are for the first time truly crossing the boundary into the unknown.  

OF COURSE, There is a tendency for people of every age to think their own time profound. But today we are experiencing an unprecedented convergence of significant political, social and ecological trends that means this period could very well play an inordinately important role in deciding the future of our planet.  

Yours sincerely,  

Brigitte Miksa

Head of International Pensions

Allianz Global Investors

(Illustration: Berto Martinez)