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From convoy to parting ways? Post-crisis divergence between European and US macroeconomic policies. Bruegel Working Paper 2011/04, February 2011

Pisani-Ferry, Jean and Posen., Adam S. (2011) From convoy to parting ways? Post-crisis divergence between European and US macroeconomic policies. Bruegel Working Paper 2011/04, February 2011. [Working Paper]

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    Abstract

    The response in 2008-09 to the global financial crisis was in many ways a high water mark for transatlantic policy coordination. The major economies of the EU and the US rapidly agreed on a series of measures to limit the crisis. However, the common approach has since unraveled. This paper explores why the ‘London consensus’ has not survived for much more than a year. In response to this situation this working paper suggests a critical quantum of coordination. Key measures include a commitment to avoiding deliberate currency depreciation and unilateral intervention; agreement to give the IMF an enhanced monitoring role; the adoption by parliaments of medium-term fiscal plans; and cooperation on the issue of Chinese undervaluation.

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    Item Type: Working Paper
    Subjects for non-EU documents: EU policies and themes > External relations > EU-US
    EU policies and themes > External relations > international economy
    Other international institutions > IMF
    EU policies and themes > Policies & related activities > economic and financial affairs > financial crisis 2008-on and consequences/reforms
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Bruegel (Brussels) > Working Papers
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 22 Feb 2011 22:10
    Number of Pages: 32
    Last Modified: 22 Feb 2011 22:10
    URI: http://aei.pitt.edu/id/eprint/29746

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