The magazine of international economic policy.

From the Summer 2019 issue

What If There’s Another Financial Crisis?

Washington seems unprepared.

By James Pethokoukis

Is a Global Currency War Still Possible?

With the Trump Administration’s imposition of tariffs, the statecraft that led to the Louvre and Plaza Accords has all but collapsed. Will central banks, under pressure from their governments, respond with aggressive monetary policies designed precisely for the purpose of weakening their currencies with the hope of making their exports more competitive? How will U.S. policymakers respond if the dollar strengthens significantly? Will the end result be a twenty-first century currency war?

Featuring commentary by Anders Åslund, Dean Baker, Claudia Biancotti, Lorenzo Bini Smaghi, J. Alfred Broaddus, William R. Cline, Tim Congdon, Richard N. Cooper, Alejandro Díaz de León, Barry Eichengreen, Mohamed A. El-Erian, Heiner Flassbeck, Jason Furman, Joseph E. Gagnon, James E. Glassman, Richard C. Koo, Desmond Lachman, Catherine L. Mann, Thomas Mayer, David C. Mulford, Tadashi Nakamae, Jim O’Neill, Mark Sobel, Edwin M. Truman, Makoto Utsumi, William R. White, Marina v N. Whitman, and John Williamson.

A symposium of views

Smithian Growth Versus Schumpeterian Growth

The preconditions for both are being globally obliterated.

By Bernard Connolly

What the Global Bond Market Is Telling Us

A tale of two markets.

By Desmond Lachman

Facebook’s Proposed New Currency

Libra’s promises and pitfalls.

By Claudia Biancotti and Joseph E. Gagnon

How Macron Won It All

The French president as master kingmaker.

By Klaus C. Engelen

EU Top Dog

Germany’s fade and the French ascendance.

By Jacek Rostowski and Arnab Das

Time for a Plaza II

U.S. trade deficits were caused not by American extravagance but by misaligned exchange rates.

By Richard C. Koo

Oh! What a Tangled Web

Venezuela’s debt restructuring conundrum, Part III.

By Steven T. Kargman

Off the News

Remembering a Friend

Martin Feldstein, the best of the economics profession.

By Lawrence H. Summers

View from the Beltway

The giant is now awake. America is fully aware of China’s ambitions. But now what?

By Owen Ullmann