But, since none of these countries has a national currency to devalue, they must substitute internal devaluation for external devaluation. They have to cut wages, pensions, and other costs in order to achieve the same gain in competitiveness needed to substitute external demand for internal demand.

Japanese like stagnation in the developed world is challenging externally dependent Asia to shift its focus to internal demand. Downside pressures currently squeezing China and India underscore that challenge.

But internal European Union studies indicate that European exports are more closely linked to changes in external demand than the euro dollar exchange rate. So long as external demand holds up and recent growth numbers from China and the US are positive in this regard Europe s exports should continue to perform well.

Despite all the talk about the coming shift to internal demand, China remains heavily dependent on exports and external demand as major drivers of economic growth. It is not a coincidence that its last two slowdowns followed closely on the heels of growth slumps in its two largest foreign markets, Europe and the United States.

Even with significant policy support, however, most of the smaller Asian economies Taiwan, Thailand, Singapore, and even South Korea will not be able to replace external demand with internal demand to the same extent that China can. So, even with rebalancing, exports will remain a significant determinant of their growth, and China is already their major export market.

Internal controls

Internal oversight

Internal Validation

Internal auditors

Internal audit

Internal measures

Internal oversight

Internal oversight

Internal oversight

Internal oversight

Internal control

Energy demand

Demand reduction

Demand reduction

Demand reduction

Internal audit ratings

Internal audit function

DRAFT Internal Proposal

Prospects for these two sources of growth will not only influence the vigor, or lack thereof, of any recovery they could well be decisive in bringing about an important shift in the US growth model. The 70 30 split underscores the challenge the US must face up to a fundamental rebalancing weaning itself from excessive reliance on internal demand and drawing greater support from external demand.

The only significant demand expressed by Prime Minister David Cameron in his recent letter to the EU concerns internal migration. Britain, the erstwhile champion of labor mobility, has now become wary of foreign workers and wants to limit their access to social benefits.

Demand or Supply?

Netanyahu s Useless Demand

Price reflects demand.

Drug demand reduction

Drug demand reduction

Demand savings accounts

Irrelevance of internal law

A. Internal Justice Council

Article 34 Internal monitoring

Ministry of Internal Affairs

Subprogramme 1 Internal audit

On the one hand, they can compensate for the global weakness by turbo charging their own internal demand through aggressive fiscal stimulus. This would shield their populations from the West s problems and, at the global level, provide a counter impetus to the deteriorating global outlook.

Supply, demand, big opportunity.

It's risk and demand.

And thirdly, public demand.

The demand is huge.

World demand and supply

The secretariat's internal review concluded that the internal structures in place for workshop organization were generally functional.

The work of the Internal Oversight Group is focused on the activities normally associated with internal auditing.

To ensure an effective internal audit mechanism, the Coordination Council has adopted a Charter for Internal Audit.