Such a lopsided world economy is unlikely to be stable. Either the weakness outside the Anglo-Saxon world proves temporary, or it will spook financial markets and darken the outlook everywhere. The conventional view is that global growth will strengthen in 2015 as America’s surge buoys other places, and as the recent weakness elsewhere proves temporary. The IMF reckons global growth will rise to 3.8% next year. This newspaper, however, is more worried on two counts. First, today’s weakness, especially in the euro area, could last longer than investors expect; and second, the lopsided growth could itself fuel destabilising shifts, particularly in the dollar.