The Trouble with International Policy Coordination
After a 30-year hiatus, international coordination of macroeconomic policy seems to be back on policymakers’ agenda. Unfortunately, the reasons why coordination fell into abeyance are still with us.
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BOLOGNA – After a 30-year hiatus, international coordination of macroeconomic policy seems to be back on policymakers’ agendas. The reason is understandable: growth remains anemic in most countries, and many fear the US Federal Reserve’s impending interest-rate hike. Unfortunately, the reasons why coordination fell into abeyance are still with us.