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May 2, 2008
| Authors: | Peter B. Kenen, Adjunct Senior Fellow for International Economics Ellen E. Meade, Associate Professor of Economics, American University |
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This module features teaching notes by Peter B. Kenen and Ellen E. Meade, coauthors of Regional Monetary Integration, along with other resources to supplement the text. In the book, the authors seek to explain why governments contemplate regional monetary integration and why some country groups are more likely than others to exercise that option, and to be successful at doing so.
What is a CFR Academic Module?
Academic Modules—featuring teaching notes by the authors of CFR publications—are designed to assist educators in creating or supplementing a course syllabus. The modules are customized packages built around a primary CFR text, such as a book or report, and include teaching notes; additional readings; video, audio, and transcripts of CFR meetings; Foreign Affairs articles; and other online resources. Use of these modules is free of charge. They may be used in part or in their entirety.
November 2007
This book seeks to explain why governments contemplate regional monetary integration and why some country groups are more likely than others to exercise that option. It also explains why some country groups may be more successful than others, and the potential relevance of the European experience for those other country groups.
July 12, 2007
New York remains a global heavyweight in financial services, but markets in London and East Asia are gaining strength and posing a serious challenge to the Big Apple.
February 22, 2006
Assessing the SEC's changing role in a world where corporations increasingly operate across-borders and globally.
May 2007
Council Special Report No. 29
With IMF Managing Director Rodrigo de Rato resigning in October, a new report analyzes the reform measures that will be bequeathed to Mr. de Rato's successor, and argues that the reform measures deserve the support of the United States, including the U.S. Congress when it is asked to implement some of the key measures.
September 10, 2004
Written by a group that combines extensive practical experience and analytical sharpness, the sixth title in the Geneva Reports on the World Economy series presents an overview of how cooperation has evolved, identifies its current limitations, and advances a number of proposals.
May/June 2007
Summary
Global financial instability has sparked a surge in "monetary nationalism" -- the idea that countries must make and control their own currencies. But globalization and monetary nationalism are a dangerous combination, a cause of financial crises and geopolitical tension. The world needs to abandon unwanted currencies, replacing them with dollars, euros, and multinational currencies as yet unborn.
April 23, 2008
In this Financial Times op-ed, Benn Steil argues that the Fed's aggressive monetary expansion threatens to undermine its unique powers among central banks, and, if continued, will have damaging consequences for America's future prosperity and global political influence.
November 8, 2007
In light of the recent turmoil in the foreign exchange markets, Benn Steil
condenses the arguments of his recent Foreign Affairs article, 'The End of
National Currency,' for Canada's leading financial daily.
October 31, 2007
In this article, Peter Kenen evaluates progress on the recent IMF reform effort. He outlines the Fund's achievements on a number of changes proposed by the Managing Director in the Medium-Term Strategy paper. Kenen argues this reform must continue, not just until next year's meeting of the Fund's Board of Governors, but for some time thereafter.
Spring/Summer 2007
In the Spring/Summer 2007 issue of The Cato Journal, Benn Steil writes on "Federal Reserve Policy in the Face of Crisis." He argues
that the global monetary order of national fiat currencies represents the
greatest threat to globalization.
Spring/Summer 2007
In the Spring/Summer 2007 issue of The Cato Journal, Peter Kenen claims that the United States has become the largest single beneficiary of financial globalization, and we may have to pay a high price for that privilege.
May 2006
The Parallel Currency Approach to Asian Monetary Integration
Author: Barry Eichengreen
March 2005
Strategy for a Regional Exchange Rate Arrangement in East Asia: Analysis, Review and Proposal
Authors: Masahiro Kawai, Shinji Takaji
2004
East Asian Monetary Arrangements: A European Perspective
Author: Tommaso Padoa-Schioppa
2003
Are Monetary Unions Inevitable?
Author: Benjamin J. Cohen
June 2001
Exchange Rate Regimes: Is the Bi-Polar View Correct?
Author: Stanley Fischer
May 2001
Author: Kenneth Rogoff
Updated: February 17, 2000
One Money, One Market: Estimating the Effects of Common Currencies on Trade
Author: Andrew K. Rose
December 1998
Does Mercosur Need a Single Currency?
Author: Barry Eichengreen
September 1994
One Money or Many? Analyzing the Prospects for Monetary Unification in Various Parts of the World
Authors: Tamin Bayoumi, Barry Eichengreen
January 1996
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.
McKinsey Executive Roundtable Series in International Economics: The Falling Dollar - Should We Worry?
Related Project: McKinsey Executive Roundtable Series in International Economics
| Presider: | Michael J. Elliott, Editor, Time International |
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| Speakers: | Richard Clarida, C. Lowell Harriss Professor of Economics, Columbia University |
| James Grant, Founder and Editor, Grant's Interest Rate Observer | |
| Benn Steil, Senior Fellow and Director of International Economics, Council on Foreign Relations | |
| John B. Taylor, Mary and Robert Raymond Professor of Economics, Stanford University; Bowen H. and Janice Arthur McCoy Senior Fellow, Hoover Institution |
The McKinsey Executive Roundtable Series in International Economics is presented by the Maurice R. Greenberg Center for Geoeconomic Studies and the Corporate Program.
This meeting is on the record.
C. Peter McColough Roundtable Series on International Economics: A Conversation with Peter Mandelson
Related Project: C. Peter McColough Roundtable Series on International Economics
| Presider: | Richard Medley, Chairman, Medley Capital Management |
|---|---|
| Speaker: | Peter Mandelson, Commissioner for External Trade, European Union |
The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.
Transcript: C. Peter McColough Series on International Economics: Globalization, Multilateralism, and Trade [Rush Transcript; Federal News Service]
Audio: C. Peter McColough Series on International Economics: A Conversation with Peter Mandelson (Audio)
Video: C. Peter McColough Series on International Economics: A Conversation with Peter Mandelson (Video)
This meeting is on the record.
C. Peter McColough Roundtable Series on International Economics: A Conversation with Jean-Claude Trichet
Related Project: C. Peter McColough Roundtable Series on International Economics
| Presider: | Jeffrey Rosen, Deputy Chairman, Lazard |
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| Speaker: | Jean-Claude Trichet, President, European Central Bank |
The C. Peter McColough Roundtable Series on International Economics is sponsored by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.
5:30 - 6:00 p.m. Reception
6:00 - 7:00 p.m. Meeting
Transcript: The Emerging Global Economy [Rush Transcript; Federal News Service, Inc.]
Audio: C. Peter McColough Series on International Economics: Jean-Claude Trichet (Audio)
Video: C. Peter McColough Series on International Economics: Jean-Claude Trichet (Video)
This meeting is on the record.
C. Peter McColough Roundtable Series on International Economics: A Conversation with Tommaso Padoa-Schioppa
Related Project: C. Peter McColough Roundtable Series on International Economics
| Presider: | Jacob A. Frenkel, Vice Chairman, American International Group, Inc., Chairman, Group of Thirty |
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| Speaker: | Tommaso Padoa-Schioppa, Minister of Economy and Finance, Italy |
The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.
7:45 - 8:00 a.m. Breakfast
8:00 - 9:00 a.m. Meeting
Transcript: C. Peter McColough Series on International Economics [Rush Transcript; Federal News Service]
Audio: A Conversation with Tommaso Padoa-Schioppa (Audio)
Video: A Conversation with Tommaso Padoa-Schioppa (Video)
C. Peter McColough Roundtable Series on International Economics: A Conversation with Jean-Claude Trichet
Related Project: C. Peter McColough Roundtable Series on International Economics
| Presider: | William J. McDonough, Vice Chairman and Special Advisor to the Chairman, Merrill Lynch & Co., Inc. and former President and CEO, Federal Reserve Bank of New York |
|---|---|
| Speaker: | Jean-Claude Trichet, President, European Central Bank |
The C. Peter McColough Roundtable Series on International Economics is presented by the Corporate Program and the Maurice R. Greenberg Center for Geoeconomic Studies.
5:30 - 6:00 p.m. Reception
6:00 - 7:00 p.m. Meeting
Transcript: A Conversation with Jean-Claude Trichet [Rush Transcript; Federal News Service, Inc.]
Audio: C. Peter McColough Roundtable Series in International Economics: A Conversation with Jean-Claude Trichet
Video: C. Peter McColough Roundtable Series in International Economics: A Conversation with Jean-Claude Trichet (video)
This meeting is on the record.
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Start-Up Nation addresses the trillion-dollar question: How is it that Israel—a country of 7.1 million, only sixty years old, surrounded by enemies— produces more start-up companies than large, peaceful, and stable nations like Japan, China, India, Korea, Canada, and the UK? With the insights of geopolitical experts and investors, the authors examine this nation’s adversity-driven culture to answer this question and offer prescriptions for a global economy on the rebound.
In Forces of Fortune, Vali Nasr presents a paradigm-changing revelation that will transform the understanding of the Muslim world at large. He reveals that there is a vital but unseen rising force in the Islamic world—a new business-minded middle class—that is building a vibrant new Muslim world economy and that holds the key to winning the cold war against Iran and extremists.
In Cuba: What Everyone Needs to Know, Julia E. Sweig presents a remarkably accessible portrait of Cuba's unique place on the world stage over the past fifty years, including its internal politics, its often fraught relationship with the United States, and its shifting relationship with the global community.
Complete list of CFR Books
The report of this bipartisan Task Force of distinguished leaders and experts represents a strong consensus on the importance of repairing America's immigration policy. It makes the case that maintaining America's political and economic leadership depends on attracting talented and hard-working immigrants, and on securing the country's borders in a smart, effective, and humane way.
This report finds that nuclear weapons will remain a fundamental element of U.S. national security in the near term, and makes recommendations on how to ensure the safety, security, and reliability of the U.S. deterrent nuclear force, prevent nuclear terrorism, and strengthen the nuclear nonproliferation regime.
About Independent Task Forces at CFR
Complete list of Task Force reports
Identifying international threats and acting on them may be the most difficult job for U.S. policymakers. This report
provides an actionable road map for managing international threats before they erupt into crises and makes a strong case that preventive action is not a luxury but a necessity.
For more than a decade, the United States has mostly watched from the sidelines as Asian countries organize themselves into an alphabet soup of new multilateral groups. In this report, the authors review the relationship between pan-Asian and trans-Pacific institutions and suggest policy guidelines for a new U.S. approach to this new Asian landscape.
Complete list of Council Special Reports
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