Rebalancing the Global Economy - Four Perspectives on the Future of the International - Monetary System
Rebalancing the Global Economy - Four Perspectives on the Future of the International - Monetary System

Summary/Abstract: The second volume of the Europe in Dialogue series. Europe in Dialogue seeks to enliven the debate about the future of the European project and global challenges by providing a forum in which creative approaches can be heard. In this volume, we contribute to the current debate about global imbalances and the question of how global actors in general—and the European Union in particular—should deal with the growing disequilibria among the major currencies. The idea for this publication emerged during a vigorous debate in spring of 2010 held between Stefan Collignon from the Sant’Anna School of Advanced Studies in Pisa and experts at the Bertelsmann Stiftung. At this meeting, it quickly became clear that we share the same set of observations: The origins of the 2008 global financial crisis lie in insufficient banking regulations as well as an inflated U.S. asset market, which had been fueled by large inflows of private and public saving from Asia, particularly China. Economists had for some time been pointing to the unsustainability of these global disequilibria, in which primarily China and East Asia financed ballooning U.S. current account deficits and Europe stood by as a neutral bystander, maintaining a fairly balanced current account position. The contributors to this volume first introduced and discussed the ideas presented here in June 2010 at a conference in Pisa, which is a joint initiative of the Sant’Anna School of Advanced Studies in Pisa, the Euro-Asia Forum (which is organized by the Sant’Anna School of Advanced Studies and the WASEDA University in Tokyo) and the Bertelsmann Stiftung.

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