Since the introduction of the system of floating exchange rates policy-makers have been troubled by uncertainties regarding the effects of this system on international trade. Do exchange rate changes affect trade flows? Can governments manipulate exchange rates? Have countries been “injured”...

Against the backdrop of the present crisis this Forum is dedicated to the discussion of measures to prevent future breakdowns of the global economy. Daniel Gros, Ulrich Klüh and Beatrice Weder di Mauro regard as the biggest flaw in the existing structures the lack of an institution that has the...