The magazine of international economic policy.


Founder, Editor and Publisher
David Smick

Managing Editor
Angela C. Wilkes

Executive Editors
Robert W. Merry,
Owen Ullmann

Cover Artist
Doug Thompson

Editorial Assistants
Josef J. Neusser, Jean Wells



Contributing Editors
Rob Johnson - Capital Markets
Yoichi Funabashi - Japan
Philipp Hildebrand - Europe
Klaus Engelen - Germany
Philip K. Verleger, Jr. - Energy
Steve Hanke - International Commodities Markets
Voldemaras V. Kanchas - Eastern Europe and CIS Countries
Susan Ariel Aaronson - Trade

The International Economy
Editorial Advisory Board

MARIO DRAGHI

Prime Minister of Italy

James A. Baker, III

Former U.S. Secretary of State, Treasury

JEAN-CLAUDE TRICHET

Former President, European Central Bank

Leon Panetta

Former U.S. Defense Secretary, Director, Central Intelligence Agency

Alan Greenspan

Former Chairman, Federal Reserve

MIGUEL MANCERA

Former Governor, Banco de México

GEORGE SOROS

Soros Fund Management

Stanley F. Druckenmiller

Duquesne Capital Management

Lawrence H. Summers

Former U.S. Treasury Secretary

JEFFREY SACHS

Columbia University

PAUL KRUGMAN

Princeton University

Robert B. Zoellick

Former President, World Bank

Adam S. Posen

Peterson Institute for International Economics

Joseph S. Nye, Jr.

Harvard University

Mohamed El-Erian

President, Queens’ College, Cambridge University

Hans-Werner Sinn

Ifo Institute

Laura D’Andrea Tyson

University of California, Berkeley

Martin N. Baily

Brookings Institution

John B. Taylor

Stanford University

Barry Eichengreen

University of California, Berkeley

Gary Clyde Hufbauer

eterson Institute for International Economics

Kenneth S. Rogoff

Harvard University

James K. Galbraith

University of Texas at Austin

TADASHI NAKAMAE

Nakamae International Economic Research

Michael J. Boskin

Stanford University

Jeffrey E. Garten

Yale University

William White

C. D. Howe Institut

THE RT. HON. LORD LAWSON OF BLABY

Former Chancellor of the Exchequer, U.K.

Catherine L. Mann

Member, Monetary Policy Committee, Bank of England

Otmar Issing

Former Member of the Executive Board, European Central Bank

Roger B. Porter

Harvard University

Carla A. Hills

Former U.S. Trade Representative

Andreas Dombret

Former Member of the Supervisory Board, European Central Bank

Jürgen Stark

Former Chief Economist, European Central Bank

MANUEL JOHNSON

Former Vice Chairman, Federal Reserve

MAKOTO UTSUMI

Former Vice Minister of Finance, Japan

HORST KÖHLER

Former Managing Director, International Monetary Fund

Anne O. Krueger

Former First Deputy Managing Director, International Monetary Fund

IL SAKONG

Institute for Global Economics Former Minister of Finance, Korea

Philip K. Verleger, Jr.

PKVerleger LLC

KLAUS C. ENGELEN

Handelsblatt

MELVYN KRAUSS

Hoover Institution

GERD HäUSLER

Former Member of the Bundesbank Council

HARALD MALMGREN

The Malmgren Group

Jill Gunter

Slow Ventures

GINA DESPRES

Capital Research & Management Co.

Edward N. Luttwak

ENL Associates

PEDRO PABLO KUCZYNSKI

Former President of Peru

NORMAN BAILEY

University of Haifa

STEVE HANKE

Johns Hopkins University

ALAN REYNOLDS

Cato Institute

ANATOLE KALETSKY

Gavekal Dragonomics

Cesar Conda

Former Assistant to the Vice President for Domestic Policy