euro

The Opportunity and Danger of a “Multi-speed Europe”

A new consensus seems to be emerging around the idea of “multi-speed” Europe. The idea has a long history and is to some extent already a reality within the European Union.

A Strong Currency Helps a Strong Economy

This essay follows on the author’s earlier piece “Managing the Exchange Rate: A Losing Proposition.”

The U.S. dollar has appreciated substantially over the last past years against most currencies. According to the statistics of the Bank for International Settlements (BIS), the real effective exchange rate of the dollar indicates an appreciation of almost 20 percent between January 2012 and March 2015.