The current large current account imbalances in the Euro zone reflect persistent diverging trends between the core and the peripheral countries, which were paradoxically reinforced by the very same introduction of the Euro. The reduction in the credit spreads and the increase in capital flows...

The Chinese growth model has generated domestic imbalances and social problems. The Chinese leadership is aware of the urgency to address these problems and improve the quality of the growth process. Engineering a successful change (ensuring more even distribution of national income, as well as...