The creation of a substitution account might be costly to the United States, but the cost could be greatly reduced by adopting a cost-sharing regime or assessing an annual fee on depositors. The United States also must consider the effect of reserve currency diversification by central banks that...

Shortly after the Mexican crisis of 1994-95, the major industrial countries undertook to strengthen the international financial architecture. They sought to reduce the risk of future crises by increasing the availability of information about economic conditions in emerging-market countries and...

The Group of Seven major industrial democracies, at their Naples summit in July 1994, decided to consider "What framework of institutions will be required to meet the challenges of the 21st century?" and "How can we adapt existing institutions and build new institutions to ensure the future...

In May 2004, ten countries are due to join the European Union. They are therefore obliged to join the European Monetary Union (EMU) and adopt the euro as their national currency. Most of them, moreover, have been eager to do that. None of them sought an opt-out of the sort that Britain and...