The World's Woes Will Have To Wait

For 18 years, economic summits have created a flurry of early-summer diplomacy. Sherpas jet around the world to hammer out agreements for their presidents and prime ministers to announce with great fanfare. This year is no different, except that a key element is missing: the deals. When leaders of seven major industrial nations gather in Munich on July 6-8, they'll find no significant pacts addressing the world's economic and strategic problems.

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