In this Policy Contribution, Jean Pisani-Ferry observes the lack of European interest towards China's exchange policy rate. He believes that Europeans, compared to Americans, are slower to react to external developments. The absence of significant external deficit, doubts about which policy...

International monetary reform is back on the agenda after two decades during which it has been hardly discussed. Controversies about the macroeconomic and monetary factors at the root of the financial crisis, China’s exchange rate regime, the reasons why emerging countries accumulated about...