An examination of past episodes of currency tension suggests that competitive devaluations are not likely today. But the forces behind past collapses remain highly relevant and policy makers cannot afford to be complacent. […]
The revival of the European debt crisis will force EU leaders to choose between entering into a deeper fiscal and economic union or confronting sovereign defaults and the possible break-up of the euro area. […]
Policy makers should heed the lessons of the Great Recession and enact the structural and regulatory reforms needed to protect the world against the next crisis. […]
Despite the grim economic outlook for California, America’s Golden State holds lessons for how Europe can survive its own debt crisis and make the continent more resilient to future shocks. […]
Despite headlines proclaiming otherwise, the G20 summit made substantial progress on several issues, including financial and IMF governance reforms and the rejection of current account and currency targets. […]
Faster growth in the G20 must come through increased demand in advanced nations—beginning with the United States and Germany—rather than agreements about currency appreciations or current account targets. […]
Threats of a currency war hang in the air, but few countries have actually seen their exchange rate appreciate significantly. Major world economies should refocus on domestic policies before the rhetoric turns into reality. […]
European policy makers need to respond to the Great Recession and subsequent debt crisis with far-reaching structural reforms in order to ensure that today’s downturn does not devolve into long-term slow growth and deflationary trends. […]
Economic growth in Africa over the last ten years has been at its strongest in decades, but continued reform efforts—especially those affecting governance and the business climate—are needed to ensure that this renaissance continues. […]
Deficit countries are neglecting the needed—and more difficult—reforms at home and fueling protectionist sentiment abroad with their focus on external trade imbalances and their calls for major surplus economies to increase demand. […]
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