"Europe's leaders were right about the pressure. Monetary union without banking union will not work, and a workable banking union requires at least some elements of fiscal and political union. But they were wrong about the irresistible part. There is no inevitability about what comes next."

Confidence in the dollar and the euro continues to falter, threatening the international monetary system.

The thirteenth Geneva Report on the World Economy addresses fiscal consolidation policy.

The economic crisis is hurting the world's top currency. But the pound, the yen, the euro, the renminbi, and the IMF's accounting currency are no match for the dollar. At least for now.

Barry Eichengreen comments on the need for IMF reform and addresses exactly how this should happen.

A summary of the various economic explanations for why the United States has been able to run such a large current account deficit for the past few years. 

This book asks whether transatlantic economic relations will move toward increased conflict or collaboration: Will policymakers in Europe and the United States be encouraged by their mutual interests to collaborate in the pursuit of common goals? Or will competition fan conflict and recrimination?

This paper compares and contrasts three distinct periods of sudden decline in international capital flows to developing countries: the 1930s, the 1980s, and the period following Mexico's sudden balance-of-payments crisis at the end of 1994. Three features are highlighted: 1) the differences in scope are noted; 2) the international response to the problems is differentiated from none to an active role for the International Monetary Fund to direct response by the United States; and 3) the difference in recipient country reaction.