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Can devaluations and exchange controls be co-ordinated at the regional or global level, to lessen their beggar-thy-neighbour character? Probably not without co-ordination mechanisms among monetary and fiscal authorities like the ones found in the EU. How precisely the mechanisms may apply to CEFTA, ASEAN or Mercosul remains to be thoroughly investigated. The claim of this paper is that there does not seem to be a better perspective that the one defended here. Over and above the parallels between the 1997-99 emerging markets crisis and the Mexican devaluation of December 1994, the lessons from the crises in the ERM may thus be helpful in designing a new international financial architecture. In effect, the crises were overcome by the ERM code of conduct. With the experience gathered during the first year of the euro, a new code of conduct may be developing, which acknowledges the importance of international banking supervision, including better risk management along the lines proposed ...

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Hommage de l'auteur

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OECD Members, like those of the European Union, have created a new culture of policy interdependence and mutual respect. This gives the lie to the idea that cultures are deterministic, backward-looking realities that prevent some countries from developing and help others to do so. International policy dialogue and co-operation shaped and strengthened by peer pressure can be appropriate not only for the OECD’s membership but for others, especially if they share, at least among themselves, reasonably similar values of governance or, at least, on governance targets ...

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Expectations of a broader convergence of living standards worldwide have spread at the same time as emerging markets and mature democracies seek to attract foreign investment in order to accelerate economic growth. In this increasingly competitive global environment, the protection of property rights becomes a convergence criterion, together with openness to international markets for goods, services and assets, and a stable macroeconomy. In the EU, multilateral surveillance procedures and convergence programmes have been implemented to facilitate progress towards a medium-term orientation of macroeconomic policy. These practices may also provide benchmarks for emerging markets, blurring the difference between “transition” and “development”: in particular, they define “converging European transitions” for EU applicants. Given that emerging economies have experienced a substantial fall in their perceived standards of living after the financial crises of 1997-99, the ability to ...

Development