There are a lot of things going on here. Perhaps most striking is the rising confidence of developing nations, who don't want to be pushed around by the US and EU anymore. With the collapse of the Doha round, who are the biggest winners/losers?
Beyond that, do you think future economic stability and growth depend on global consensus? Or will a plethora of bilateral or regional agreements suffice?
I've got my own ideas, but I would like to hear from you guys first.