The global economy is doing fine but industries are now confronting huge risks and issues. These include convergence of products and industries; the rising cost of capital; the end of low inflation; rising raw material costs; the growth of the finance economy; water; terrorism and its impact on the nation state; the rise of China and India; education; the relationship and tensions between Japan, Europe and the US; energy; asymmetric capital markets; biotechnology; nanotechnology; governance; the over-supply of materials and products; ageing; climate; networks and the growing importance of intangibles.

I have blogged on some of the others here.

Now Britain's regulator, the Financial Services Authority, is warning businesses that the impact of a shock to the financial system is much greater now than two or three years ago.

You can read all about it in the FSA report, Financial Risk Outlook 2007.

Risks include the prospect of more bad loans in the wake of a weaker housing market, the increasing risk appetite of banks, the huge debts racked up by private equity outfits, financial crime, higher debt levels and the impact of terrorism and climate change on insurance.