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The tendency of Washington to blame China for the post-2018 sovereign default wave in which Sri Lanka is also caught up in, is a repeat of earlier episodes of monetary troubles and imbalances, where 'Arabs' and the 'East Asia savings glut' was blamed for US-driven policy errors.
The European Central Bank (ECB) is the central bank of the 19 European Union countries which have adopted the euro. Our main task is to maintain price stability in the euro area and so preserve the purchasing power of the single currency.
Paul De Grauwe The opening sentence of Robert Mundell’s 1963 paper “Capital mobility and stabilization policy under fixed and flexible exchange rates” — one of the two most influential in a series of pathbreaking papers he published in the late 1950s and early 1960s — is curious: “The world is still a closed economy, but its regions and countries are becoming increasingly open.” “Still”? Was Mundell thinking of a future with interplanetary trade, so that eventually the world as a whole wouldn’t be a closed economy? OK, he probably wasn’t, but if he was, it would have be...