After celebrating the success of last week’s Group of 20 summit, world leaders must get back to business. An International Monetary Fund report on eastern Europe serves as a salutary reminder that the globe could sink much deeper into crisis before the recovery begins.

The Fund’s report, obtained by the FT, warns that a rapid switch from credit-fuelled growth to credit-starved recession in eastern Europe is creating huge economic pressures. Output is falling, currencies are under threat and bad debts are multiplying.