Since the financial crisis, emerging markets have led growth but are unlikely to continue to do so. Joachim Fels, chief global economist with Morgan Stanley, tells the FT's John Authers that developed markets can pick up the slack -- and both deflation and inflation can be averted.<br /><br /><br />For more video content from the Financial Times, visit http://www.FT.com/video<br /><br />Subscribe to the Financial Times on YouTube; http://goo.gl/vUQx5k<br />Twitter https://twitter.com/ftvideo<br />Facebook https://www.facebook.com/financialtimes
