Sovereign credit and bonds have been downgraded in Hungary, Portugal and Belgium recently as things have gone from bad to worse in Greece and Italy.

The US, Europe and Japan, which contribute to 50 percent of global output, face the task of reducing debt without slowing down their economies too much.

"I think global growth will be moving downside. And compared with six months ago, the world economic outlook has been deteriorating."

The outlook for global growth is decisive in determining the volume of global trade volume, and he is concerned about the trend. "My expectation is that trade growth (globally next year) will be less than this year."

For Lamy, the world has gone through two crises, one economic, the other of management. "We have a global crisis, which impacts the global economic system. We also have a crisis in managing this global crisis. If you have both, it is worse ... Frankly, things do not look good. There is a second wave of crisis ... and the capacity of global leaders to address the problem is weak."