Global macroeconomic imbalances were a major cause of the current crisis, and attempts to deal with them are certain to create powerful national and international tensions. What are those tensions likely to be, and what do they tell us about prospects for the future? Rebalancing of growth, then, raises again the problem of winners and losers. The structure of interests in the large countries is changing as their economic orientation changes. Can governments facilitate positive changes and strengthen international environment through increase cooperation among them?