The magazine of international economic policy.


Founder, Editor and Publisher
David Smick

Managing Editor
Angela C. Wilkes

Executive Editors
Robert W. Merry, David Hale, 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

Jean-Claude Trichet

Former President, European Central Bank

MARIO DRAGHI

President, European Central Bank

Alan Greenspan

Former Chairman, Federal Reserve

MIGUEL MANCERA

Former Governor, Banco de México

GEORGE SOROS

Soros Fund Management

MARTIN FELDSTEIN

Harvard University

Roger B. Porter

Harvard University

Adam S. Posen

Peterson Institute for International Economics

Joseph S. Nye, Jr.

Harvard University

Laura D'Andrea Tyson

University of California, Berkeley

JEFFREY SACHS

Columbia University

Alan H. Meltzer

Carnegie Mellon University

PAUL KRUGMAN

Princeton University

Martin N. Bailey

Brookings Institution

John B. Taylor

Stanford University

Barry Eichengreen

University of California, Berkeley

Gary Clyde Hufbauer

Peterson Institute for International Economics

Kenneth S. Rogoff

Harvard University

James K. Galbraith

University of Texas at Austin

John H. Makin

American Enterprise Institute

Edward N. Luttwak

Center for Strategic and International Studies

RICHARD COOPER

Harvard University

TADASHI NAKAMAE

Nakamae International Economic Research

Richard H. Clarida

PIMCO, Columbia University

Michael J. Boskin

Stanford University

Pedro-Pablo Kuczynski

Former Prime Minister of Peru

KARL OTTO PÖHL

Former President, Deutsche Bundesbank

Hans Tietmeyer

Former President, Deutsche Bundesbank

THE RT. HON. LORD LAWSON OF BLABY

Former Chancellor of the Exchequer, U.K.

Hans-Werner Sinn

Ifo Institute for Economic Research

Carla A. Hills

Former U.S. Trade Representative

Jürgen Stark

Former Chief Economist, European Central Bank

Jeffrey E. Garten

Yale University

MANUEL JOHNSON

Former Vice Chairman, Federal Reserve

ANATOLE KALETSKY

London Times

MAKOTO UTSUMI

Japan Credit Rating Agency
Former Vice Minister of Finance, Japan

HORST KÖHLER

Former Managing Director, International Monetary Fund

IL SAKONG

Institute for Global Economics Former Minister of Finance, Korea

MELVYN KRAUSS

Hoover Institution

Philip K. Verleger, Jr.

PKVerleger LLC

KLAUS C. ENGELEN

Handelsblatt

GERD HÄUSLER

Former Director, International Capital Markets, International Monetary Fund
Former Member of the Bundesbank Council

HARALD MALMGREN

The Malmgren Group

GINA DESPRES

Capital Research & Management Co.

STEVE HANKE

Johns Hopkins University

NORMAN BAILEY

Institute for Global Economic Growth

ALAN REYNOLDS

Cato Institute

Cesar Conda

Former Assistant to the Vice President for Domestic Policy