International Selection

China's leaders have demonstrated much foresight and ability to have managed the growth period successfully. That was the relatively easier part. Today's leadership faces a greater challenge: To adjust the imbalances. A column by Michael Pettis.

Long dependent on China to finesse its fiscal problems, America may now have to pay a much steeper price to secure external capital. A column by Stephen S. Roach.

Americas debt-ceiling might be just as commendable as Germany's prohibition against debt financing which will take effect 2016 and 2020 respectively. A column by Hans-Werner Sinn.

While crises increase demand for central-bank cooperation to deliver the global public good of financial stability, they also dramatically increase the costs of cooperation. A column by Harold James.

Ray Soudah, founding partner at advisory boutique MilleniumAssociates, speaks about Bank Frey and the problems Swiss private banks are facing.

Professor Wu Jinglian, China’s most renowned and influential economist, has been at the center of the economic reform for 30 years, moving between academic and policy roles. He received «Finanz und Wirtschaft» in Beijing for an interview and talked about the proposal on further reforms he presented to the government in April. He is worried about the Chinese economy and sees significant dangers, if the reforms are not pushed forward. Wu considers comprehensive economic reforms as inevitable to avoid social crises.

The Fed may be better served by shifting from unemployment to employment thresholds, for example, the employment/population ratio. It could even start moving to a more holistic operational measure like nominal GDP). A column by Mohamed A. El-Erian.

Chancellor Merkel is content with the status quo, just as the German public is content. But that status quo is not tenable. But just because the euro has survived so far is no guarantee that it will survive definitely, absent fundamental policy reforms. A column by Barry Eichengreen.

Germany will not turn its back on the single currency – or on the European project in general. A column by Daniel Gros.

While net job creation will continue, the labor market’s evolution risks fueling rather than countering already-significant income and wealth inequalities. A column by Mohamed A. El-Erian.

The power struggle between the president and congress, if left unresolved, could profoundly weaken the government’s ability to make significant economic decisions in the future. A column by Kenneth Rogoff.

The emerging-market slowdown ought to be a warning shot that something much worse could happen. A column by Kenneth Rogoff.