The present report looks at global risks from a range of different perspectives. The first part of the report focuses on four emerging issues that are shaping the global risk landscape: systemic financial risk, food security, supply chains and the role of energy. The second part of the report presents a collective assessment of global risks in 2008, based on a revised taxonomy of risk, and building on the assessments of past years. In the third part, we look at the methodological hurdles around the representation of interconnectedness and demonstrate how risk "squeezing" and homogenization of risk are changing the way we perceive risk globally. In the fourth part of the report, we examine the role of financial markets as tools of risk transfer and risk mitigation for an increasingly broad range of global risks. Finally, in the fifth part, we take forward our discussions on the construction of risk mitigation coalitions and country risk management, establishing a set of principles for country risk management which the Global Risk Network will develop in 2008-2009.