If the US debt-ceiling debate goes past the eleventh hour, and the default of the world’s largest economy becomes a reality, leading central banks around the world are gearing up to minimize losses and keep the world economy functioning. If US lawmakers don’t reach a budget consensus and raise the debt ceiling by Thursday October 17, the US will become the first Western power to default since... 

As the eurozone teeters on the brink of collapse, the UK Treasury is working on a contingency plan to limit the fallout of a potential full-scale euro meltdown. ­The plan would entail capital controls to restrict the flow of money in and out of the country. Officials fear the departure of a eurozone member might trigger capital flight from weaker members of the economic union to countries like the...