Policy Making in an Integrated World: From Surveillance to … ?

  • Barry Eichengreen


The adequacy of multilateral surveillance and of the institutions charged with carry­ing it out has been cast into doubt by the series of escalating crises that has punctuated the 1990s. No one questions that domestic policies have important cross-border repercussions in a world of interdependent economies. No one questions the prima facie case for surveillance to foster a consensus on the nature of those repercus­sions, to encourage countries to adjust their policies to better take cross-border spillovers into account, and to monitor governments’ compliance with the terms of their agreements. But the adequacy of existing mechanisms for discharging these functions has come under a cloud following the European currency crisis of 1992–3, the Tequila crisis of 1994–5, the Asian crisis of 1997 and the global emerging-markets crisis of 1998 and as a result of the inability of the official community to do much about either the causes or consequences of financial crises.


Monetary Policy Moral Hazard International Bond Capital Flow Capital Account 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


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Copyright information

© Springer Science+Business Media Dordrecht 2001

Authors and Affiliations

  • Barry Eichengreen
    • 1
  1. 1.University of CaliforniaBerkeleyUSA

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