1. Biden and McConnell's self-congratulation is unjustified (Guardian)
The fiscal cliff agreement is a jerry-built compromise that neither deals with the slump nor faces up to the long term, says a Guardian editorial.
2. Make nominal spending the new target (Financial Times)
As long as nominal GDP growth is stable, core inflation will remain well anchored, writes Scott Sumner.
3. Carping Labour must come clean about cuts (Times) (£)
The real divide is between those who offer leadership and those who offer only dissent, says Nick Clegg.
4. Now China's new leaders will have to work hard (Guardian)
How they deal with future economic challenges and the Tibet crisis will test whether the claim to wise meritocracy is credible, says Isabel Hilton.
5. America refuses to face up to reality (Daily Telegraph)
As the powerhouse of the world economy, America cannot continue to live in denial and expect to maintain its dominant role, says a Telegraph leader.
6. Housing is in crisis, yet the coalition does nothing (Guardian)
Scotland is taking the lead in housing the homeless, writes Lynsey Hanley. If only Westminster did likewise.
7. Africa is hooked on growth (Financial Times)
The success is not continent-wide but the best-managed countries are pulling it off, writes Sebastian Mallaby.
8. IDS’s rebirth is one of the wonders of the age (Independent)
Sacked by his party in 2003 on the twin grounds of being preternaturally incompetent and sensationally dim, Duncan Smith has reinvented himself, writes Matthew Norman.
9. The Commonwealth has never been stronger (Daily Telegraph)
This great institution promotes trade and freedom – no wonder there’s a queue to join, writes Hugo Swire.
Putting off hard tasks and difficult decisions costs humanity dearly, says Christina Patterson.