At the root of the euro crisis was not only a sovereign debt crisis but also a balance-of-payments crisis. A multi-faceted approach is required to restore sustainable growth and prevent a vicious circle of public and private sector deleveraging leading to weaker economic activity, which in turn...

This paper reviews key policy messages and warnings about developments in the run-up to the global financial and economic crisis that began in mid-2007 which are contained in the main publications of the IMF, the OECD and the BIS and discuss issues relevant to strengthening their surveillance...

Financial liberalization, which had started progressively in Japan during the 1970s, accelerated in the 1980s. The move towards greater freedom in financial transactions and the increased scope for the working of market forces have had, and are likely to have, significant implications for the...

This article examines the impacts of the European Single Market on the economic and financial relationships between Europe, the United States and Japan. It argues that the external effects of the European Single Market will crucially depend on the magnitude of the EC's domestic growth bonus...

This essay focuses on some aspects of policy issues relating to evolving international trade and monetary regimes, and patterns of national saving and investment balances conducive to better global economic performance.