Bulwarks against chaos

As the succession of financial crises and bubbles over the past 15 years suggests, international financial stability rests on uncertain foundations. In fact, it relies on the credibility gained by a handful of independent central banks that have built up a record of proven price stability. Yet this system, oriented to domestic objectives, does not guarantee international financial stability; indeed, because of exchange rate uncertainty, it almost guarantees instability. And the institution that

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