"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.
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