Founder, Editor and Publisher
David Smick

Associate Editor and
Chief Economic Commentator
Adam Posen

Executive Editors
David Hale, Owen Ullmann

Managing Editor
Angela Wilkes

Editorial Consultant
Curtis Hoxter

Cover Artist
Doug Thompson

Editorial Assistants
Josef J. Neusser, Jean Holz

Contributing Editors
Helmut Sonnenfeldt - Foreign Policy
Yoichi Funabashi - Japan
Philipp Hildebrand - Europe
Christopher Huhne - London
Klaus Engelen - Germany
Christopher Whalen -Technology
Steve Hanke - International
Commodities Markets
Voldemaras V. Kanchas - Eastern
Europe and CIS Countries

Advertising Representatives
Brazil: Jilco Representacoes Ltda.
(21) 220-4027

Italy: ALLPRESS S.R.L.
(02) 42222668

Japan: Nikkei International
(03) 3270-0251

Korea: Universal Publications
(02) 734-7611

Europe (excluding Italy): NRA
Nick Rutherford (0233) 813441/2

Turkey: USER
(1) 569-95-63-4

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

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

ROBERT HORMATS
Goldman Sachs International

RICHARD COOPER
Harvard University

ALBERT BRESSAND
Prométhée

TADASHI NAKAMAE
Nakamae International Economic Research

IRVING KRISTOL
American Enterprise Institute

HELMUT SONNENFELDT
The Brookings Institution

THIERRY DE MONTBRIAL
Director, Institut Français des Relations Internationales

ALAN REYNOLDS
Cato Institute

CHRISTINE BOGDANOWICZ-BINDERT
Bank Przemyslowo-Handlowy PBK, Poland

ALAN STOGA
Zemi Communications

RENATO RUGGIERO
Former Director General,
World Trade Organization

HANS TIETMEYER
Former President, Deutsche Bundesbank

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

BORIS FEDOROV
Former Minister of Tax, Russia

DAVID MULLINS
Former Vice Chairman, Federal Reserve

DANIEL TARULLO
Professor, Georgetown
University Law Center
Former Asst. to President
for Intl. Economics

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

TONE GRANT
Refco Group, Ltd.

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

L. WILLIAM SEIDMAN
CNBC
Former Chairman, F.D.I.C.

MELVYN KRAUSS
Hoover Institution,
Stanford University

RIMMER DE VRIES
J.P. Morgan

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