The Protracted Convalescence of U.S. Banks
Though the U.S. financial sector is recovering from the crisis that erupted eighteen months ago, loan losses continue to mount and banks remain dependent on government support. […]
Articles
A Three-Point Plan to Save the Euro
The emergency aid for Greece buys the Euro area some valuable time, but Europe will need to enact a credible plan that addresses the situations in both Greece and other vulnerable countries if the Euro area is to survive in the long-term. […]
The World Order in 2050
The world’s economic balance of power is shifting, as emerging countries rapidly overtake traditional Western powers as the predominant world economies. The recent global recession has only accelerated this trend. […]
The Transformation of World Trade
Developing countries already play a substantial role in world trade, and their significance is only expected to rise. As they diversify and grow as export markets, emerging economies will come to dominate international trade. […]
Is Italy the Next Greece?
Though Italy has exhibited better fiscal management than Greece, its debt level is still higher and its competitiveness has deteriorated just as sharply. To avoid its own sovereign debt crisis, Italy must raise its primary balance, cut labor costs, and enact structural reform. […]
The Global Recovery is Gathering Steam
The global recovery is gaining traction as world trade and industrial production continue their impressive acceleration and the announcement of a Greek rescue package has provided the markets with much-needed reassurance. […]
Too Little, but Perhaps Not Too Late
The plan recently announced by European leaders to support Greece leaves many questions unanswered, and markets will likely withhold judgment on the agreement until a more credible rescue package is developed. […]
A Five-Point Plan for Greece
If European leaders are to avoid sinking deeper into a crisis with unpredictable consequences, they must take urgent and immediate action, not debate far-reaching proposals such as a European Monetary Fund. […]
The Myths About China’s Currency
The debate over China’s currency propagates dangerous myths about both the Chinese economy and the potential benefits of a more expensive renminbi for the United States. […]
The RMB: Myths and Tougher-to-Deal-With Realities
The dispute between the United States and China over the value of China’s renminbi distracts both countries from more important reforms. Policy makers should prioritize maintaining a collaborative relationship over staging another fruitless debate. […]