Council of Councils
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Introduction
Over the last several decades, governments have collectively pledged to slow global warming. But despite intensified diplomacy, the world is already facing the consequences of climate…
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March 10, 2009
Monetary Policy
Monetary Nationalism Will Worsen Economic Crisis, Warns New Book by Benn Steil and Manuel Hinds
As a global economic crisis unfolds, a new book by CFR director of international economics Benn Steil and former Salvadoran finance minister Manuel Hinds warns that the incompatibility of globalizati…
October 13, 2006
Financial Markets
Playing Monopoly with the Devil: Developing World Needs to Adopt the Dollar as its Currency
Replacing domestic currencies with an international one is the best way for developing countries to create a financially stable environment and integrate into the ever-globalizing world economy, argu…
October 10, 2006
Development
Playing Monopoly with the Devil
Read an excerpt of Playing Monopoly with the Devil. Why should a developing country surrender its power to create money by adopting an international currency as its own? This comprehensive book ex…
March 31, 2009
Financial Markets
Money, Markets, and Sovereignty
A fascinating intellectual history of monetary nationalism from the ancient world to the present exploring why, in its modern incarnation, it represents the single greatest threat to globalization.
June 6, 2011
Europe and Eurasia
Why You Need American Dollars to Mint Australian Ones
All countries with central banks exercise monetary sovereignty, right? Nobel economist Paul Krugman certainly thinks so. “Wow,” he wrote, after reading Benn Steil and Manuel Hinds say otherwise i…
