The economic impact of the September 11 terrorist attacks on the world economy is just beginning to be felt. U. S. GDP is roughly 30 percent of the world's GDP, so a recession in the U. S. will have ripple effects worldwide. Yet, the country's financial infrastructure is sound and remains intact. Eventually, the blow to the economy through weakened consumer confidence, unprecedented cuts in the Federal funds rate, rising unemployment levels, fears of deflation, and low world growth will be overcome. The market will recover and people will go forward with a renewed sense of purpose. As economists from countries around the globe, it is our challenge to lead the way by fostering international relations in the field of economics. We need to search for new ideas and new concepts with our world community of scholars. Let us rise to the challenges of today and tomorrow in this fast-changing economic, political, social, and legal environment that we find ourselves in.