The turbulence in East Asia, the contagious effects on financial markets of other emerging economies and even on the major world stock markets, and the renewed instability in exchange rates are, I think, warnings of trouble in a world in which capital is free to flow as never before around the...

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...

Paper originally published in the BNL Quarterly Review, Special Issue, Supplement to n. 204, March 1998, pp. 139-144.