Increasing Global Economic Policy Coordination

Prior to the past decade, the Federal Reserve and U.S. government controlled all the resources they needed to implement monetary and fiscal policies required to salvage the U.S. economy. At the same time, because the U.S. economy was so big and powerful, its recovery alone would create the momentum needed to enable our trading partners to recover as well.

But today, we live in a truly global economy, in which the U.S. must increasingly coordinate its monetary and fiscal strategies with those of our allies to prevent glo.....