"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."
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.
Membership Application Deadlines: November 1 and March 1
Term Membership Application Deadline: January 4, 2016
Not a Corporate Member?
Membership in the CFR Corporate Program is tailored to meet the needs of your organization. To learn more, please visit the About Corporate page, view a printable brochure, and see our current list of members.
To find out if Corporate membership would benefit your company, contact the Corporate Program at email@example.com or 212.434.9684.
Learn more about CFR’s mission and its work over the past year in the 2014 Annual Report. The Annual Report spotlights new initiatives, high-profile events, and authoritative scholarship from CFR experts, and includes a message from CFR President Richard N. Haass. Read and download »