For generations, the stability of global oil supplies has been guaranteed by Saudi Arabia's reserve capacity that could be relied on to make up for any shocks to those supplies due to political unrest or other factors.

CENTERFORSECURITYPOLICY: The new Middle East

Large foreign-exchange reserves make countries less vulnerable to shocks.

ECONOMIST: Decoupling 1: Emerging Asia

But until labour markets are freed, tight macroeconomic policy is one of those shocks that can only make things worse.

ECONOMIST: A shocking error