Just after the New Year, President Obama will have to decide whether to take a dramatic, high-stakes gamble on a very unsexy topic: a U.S.-EU free trade agreement. It will be one of the key high-risk, high-reward choices of his second term, writes Ben Heineman.

"The BAE and Siemens cases are symbols of pervasive corruption across the globe and lack of senior leadership making anti-corruption an international imperative. Bribery and extortion in public sector activities--especially in the developing world--distorts competition, erodes legitimacy and rule of law, impedes economic growth, thwarts building of institutional infrastructure, injures the poor and supports criminals and terrorists who pose a threat to world order."

Corruption is widely acknowledged to distort markets, undermine the rule of law, damage government legitimacy, and hurt economic development. The global anticorruption movement has gained ground since the mid-1990s, but its key agents -- developed and developing countries, international organizations, and MNCs -- must do more to prevent and punish misbehavior systematically.