Currency Management Needs Coordinated Action

Over the past two years, most currencies’ exchange-rates fluctuated at an unprecedented pace. This high volatility is due to two global policy responses to the 2008 crisis. First, borrowing is cheap. Paradoxically, more money was thrown at a problem generated by exceptionally low interest rates and poor financial regulation. Three years later, real rates are […]

The Gulf and Asia: The Re-emergence of a Road Once Traveled

The Gulf countries enjoy a strategic location, and across the centuries have leveraged it to develop long-term trade and diplomatic relationships. In the past, the Gulf looked “East”: Arab dhows sailed the waters of the Indian Ocean, and Asian caravans transported textiles and spices across the desert’s trade corridors. More recently, having acquired oil wealth […]

MENA: If Not Now, When?

There is no way back, the genie is out of the bottle. MENA’s shortcomings have been irrevocably exposed by the global crisis. Bold reforms are now impossible to postpone, if the region is to avoid years of stagnation and violence. Transitioning to democracy requires courage and concessions.  The opportunity is unique, and must be seized: […]

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