Author: C. Fred Bergsten / Topic: Monetary Policy

Author:: C. Fred Bergsten
Publication Date:: 01-2014
Content Type:: Policy Brief
Institution:: Peterson Institute for International Economics
Abstract:: A bipartisan majority in both Houses of Congress is insisting that the United States include a provision in future trade agreements that would bar currency manipulation. A letter from 60 senators to Secretary of the Treasury Jacob Lew and United States Trade Representative (USTR) Michael From an on September 23, 2013, called for "strong and enforceable foreign currency manipulation disciplines" in the Trans-Pacific Partnership (TPP) while 230 members of the House of Representatives told President Barack Obama on June 6, 2013, that "it is imperative that (the TPP) address currency manipulation.to create a level playing field for American businesses and prevent more US jobs from being shipped overseas." The trade promotion authority (TPA) legislation proposed by congressional trade leaders on January 9, 2014, establishes the avoidance of currency manipulation as a "principal US negotiating objective" in its future trade agreements.
Topic:: Economics, Emerging Markets, International Trade and Finance, and Monetary Policy
Political Geography:: United States

Author:: C. Fred Bergsten and Jacob Funk Kirkegaard
Publication Date:: 06-2012
Content Type:: Policy Brief
Institution:: Peterson Institute for International Economics
Abstract:: Getting the diagnosis right is a prerequisite for understanding the euro area predicament and evaluating key decisions taken since early 2010. As we laid out in Bergsten and Kirkegaard (2012), while the euro area faces multiple overlapping and mutually reinforcing elements of fiscal (Greece), banking (Ireland/Spain), and competitiveness (Southern periphery) crises, it is first and foremost facing a crisis of institutional design. The common currency as designed in the Maastricht Treaty of 1992 is a half-built house without the critical components of banking and fiscal union necessary to sustain it through the type of crushing economic and financial down- turn witnessed since October 2008.
Topic:: Economics, International Trade and Finance, Monetary Policy, and Financial Crisis
Political Geography:: Europe

Author:: C. Fred Bergsten
Publication Date:: 11-2009
Content Type:: Journal Article
Journal:: Foreign Affairs
Institution:: Council on Foreign Relations
Abstract:: The global economic crisis has revealed the folly of large U.S. budget and trade deficits, as well as of the strong dollar that makes them possible. If it is serious about recovery, the United States must balance the budget, stimulate private saving, and embrace a declining dollar.
Topic:: Economics and Monetary Policy
Political Geography:: United States

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