The crisis of 2007: some lessons from history

There is a strong tendency in the media and policy circles to view each crisis as totally new and unexpected. Financial crises, however, are as old as financial markets. Here are the lessons drawn by one of the world’s leading economic historians of financial crises. Recent financial instability triggered by the collapse of the U.S. […]

A long term perspective on the Euro

The euro may surpass the dollar in coming decades to become the leading international currency. This column summarises four major challenges that the euro must survive for that to come true. The European Economic and Monetary Union (EMU) and the euro, the single currency of its members, will be ten years old in 2009. Monetary […]

The IMF as a reserve manager

The IMF needs a new job. This column makes the case for the bold proposal that the IMF should manage a significant part of the new surplus countries’ sovereign wealth funds. In the original conception of the 1944 Bretton Woods Conference, the International Monetary Fund (IMF) was created to deal with problems that had afflicted […]