The world monetary situation: A fresh look

Type :

Term papers

Pages :

7 pages

Format :

.doc

Published date :

09/25/2009

Category :

Economics & finance

Sub category :

Economics

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Summary :

Introduction
Euro limitations
1. Selective relativism
2. Underpinning international trade and finance
3. The financial dimension
4. Unregulated financial intermediation
Asymmetry and instability -- the general logic of breakdown
1. The limitations and stickiness of structural changes
2. Illusions vested in changed policies and enhanced cooperation
3. Aggravation of money supply problems
What's the answer? Don't even risk the question!
No one wants it but everybody talks about it? Uh - oh!
Back to ground level reality!
Conclusion

Abstract

Peaceful heat of exhausted dog-days fluttered around the Federal Reserve Board building on C Street, Washington, DC. It was noon and time for another monthly open-to-the- public "brown bag" seminar. Experience must have taught the organizers not to expect mobs thirsting for detailed research into the fine points of monetary economics. A small, main-level conference room -- big rectangular table in the middle, white board with neatly lined up colored markers -- served as the venue. I might have been the only one that day with a visitor's badge.

A dozen or so causally dressed and relaxed men and women (fairly young on average) -- PhDs employed by the Research Division of the Board of Governors of the Federal Reserve System -- file in and disperse around the table. Cellophane-wrapped sandwiches, small bags of potato chips, cans of soft drink. Every reason to be expectant. The year is 1999, we are just a few months before the introduction of the euro, and the speaker is a well known professor of money and banking from an Ivy League university. (I withhold names to protect the naïve and spare the university's fine shield from a chink.)