Editor’s Note: When Paul Volcker was presented the NABE Lifetime Achievement Award for Public Policy, he was invited to share his views on public policy related to money and banking in an informal context. In addition to his own remarks, he responded to questions offered by Steve Liesman and...

Paul Volcker addresses issues of global finance--particularly fluctuations of the value of emerging-country currencies. Full participation in the world of global finance simply isn't consistent with independent monetary policies by independent nations. Countries should work toward greater...