2016 will be the fifth consecutive year with global GDP growth below its long-term average of 3.7 percent (1990-2007), and 2017 may well be the sixth.

A propensity to undergo periodic episodes of instability and volatility in global financial markets will persist. Get ready for a continuous dispute between the two financial tales about EM, as well as to increasing efforts of differentiation among their assets.

Surely, it is too soon to understand all the ramifications of the British referendum. But at the same time, today is surely a good day to make the case for multilateralism.