Monetary Issues: Monetary Unions: Between International Trade and National Sovereignty -- Why a Monetary Union?- Monetary Policy in a Monetary Union: Lessons from Simple Models -- Institutions and Monetary Policy -- Fiscal Issues: Government Deficits, Transfers and Debt -- Fiscal Policies in a...

Preface : the red blanket -- And the weak suffer what they must -- An indecent proposal --Troubled pilgrims -- Trojan horse -- The one that got away -- The reverse alchemists -- Back to the future -- Europe's crisis, America's future -- Afterword : from dissonance to harmony

The past two decades have seen the construction of a tiered system of international liquidity provision, the first tier including those whose credit is sufficient for a swap line with the Fed, the second tier including those who can offer acceptable collateral to the Fed, and the third tier...