The magazine of international economic policy.


Founder, Editor and Publisher
David Smick

Managing Editor
Angela Wilkes

Executive Editors
David Hale, Owen Ullmann

Editorial Consultant
Curtis Hoxter

Cover Artist
Doug Thompson

Editorial Assistants
Josef J. Neusser, Jean Wells



Contributing Editors
Helmut Sonnenfeldt - Foreign Policy
Rob Johnson - Capital Markets
Yoichi Funabashi - Japan
Philipp Hildebrand - Europe
Christopher Huhne - London
Klaus Engelen - Germany
Christopher Whalen -Global Risk
Steve Hanke - International Commodities Markets
Voldemaras V. Kanchas - Eastern Europe and CIS Countries
Susan Ariel Aaronson - Trade

The International Economy
Editorial Advisory Board


KARL OTTO PÖHL
Sal. Oppenheim Jr. & Cie.
Former President, Deutsche Bundesbank

JEAN-CLAUDE TRICHET
President, European Central Bank

MIGUEL MANCERA
Former Governor, Banco de Mexico

GEORGE SOROS
Soros Fund Management

HORST KÖHLER
Former Managing Director, International Monetary Fund

PEDRO-PABLO KUCZYNSKI
Former Prime Minister of Peru

MARIO DRAGHI
Governor, Bank of Italy

MARTIN FELDSTEIN
Harvard University

LAURA D’ANDREA TYSON
Former Chair, National Economic Council

JEFFREY SACHS
Columbia University

PAUL KRUGMAN
Princeton University

MAKOTO UTSUMI
Japan Credit Rating Agency and Former Vice Minister, Ministry of Finance, Japan

JOHN HEIMANN
Former Chairman, Financial Stability Institute, Bank for International Settlements

GINA DESPRES
Capital Research & Management Co.

HENRY OWEN
Salomon-Smith Barney

RICHARD COOPER
Harvard University

ALBERT BRESSAND
Prométhée

TADASHI NAKAMAE
Nakamae International Economic Research

HELMUT SONNENFELDT
The Brookings Institution

THIERRY DE MONTBRIAL
Director, Institut Français des Relations Internationales

ALAN REYNOLDS
Cato Institute

CHRISTINE BOGDANOWICZ-BINDERT
Non-Executive Board Member, Ford Credit Europe Bank
and McBride plc

THE RT. HON. LORD LAWSON OF BLABY
Chairman, Central Europe Trust
Former Chancellor of the Exchequer, U.K.

MANUEL JOHNSON
JSI, Inc., Former Vice Chairman, Federal Reserve

PETER KENEN
Princeton University

TOMOMITSU OBA
Former Vice Minister,
Ministry of Finance, Japan

DAVID MULLINS
Former Vice Chairman, Federal Reserve

ANATOLE KALETSKY
London Times

GERD HÄUSLER
Former Director, International Capital Markets (ICM), International Monetary Fund, and Former Member of the Bundesbank Council

CESAR CONDA
Former Assistant to the Vice President for Domestic Policy

IL SAKONG
Institute for Global Economics
Former Minister of Finance, Korea

MELVYN KRAUSS
Hoover Institution, Stanford University

RIMMER DE VRIES

TAKASHI HOSOMI
NLI Research Institute

HARRY FREEMAN
The Freeman Company

HARALD MALMGREN
The Malmgren Group

STEVE HANKE
Johns Hopkins University

KLAUS C. ENGELEN
Handelsblatt

NORMAN BAILEY
The Potomac Foundation

RICHARD O’BRIEN
Outsights

ALAN STOGA
Zemi Communications

RENATO RUGGIERO
Former Director General,
World Trade Organization

HANS TIETMEYER
Former President, Deutsche Bundesbank