Front Matter

Front Matter Page

Finance & Development is published quarterly in English, Arabic, Chinese, French, Russian, and Spanish.

English edition ISSN 0145-1707

EDITOR-IN-CHIEF

Jeffrey Hayden

MANAGING EDITOR

Marina Primorac

SENIOR EDITORS

Khaled Abdel-Kader

Gita Bhatt

Jacqueline Deslauriers

Hyun-Sung Khang

Natalie Ramírez-Djumena

James L. Rowe, Jr.

Simon Willson

ONLINE EDITOR

Glenn Gottselig

ASSISTANT EDITORS

Maureen Burke

Lika Gueye

PRINT/WEB PRODUCTION SPECIALIST

Lijun Li

SOCIAL MEDIA MANAGER

Sara Haddad

SENIOR EDITORIAL ASSISTANT

Aissata Sidibe

EDITORIAL ASSISTANTS

Rob Newman

Jeamine Yoo

CREATIVE DIRECTOR

Luisa Menjivar

GRAPHIC ARTISTS

Catherine Cho

Michelle Martin

Kenneth Nakagawa

ADVISORS TO THE EDITOR

Bas Bakker

Helge Berger

Tim Callen

Paul Cashin

Adrienne Cheasty

Alfredo Cuevas

Domenico Fanizza

James Gordon

Thomas Helbling

Laura Kodres

Paolo Mauro

Gian Maria Milesi-Ferretti

Paul Mills

Martin Muhleisen

Laura Papi

Uma Ramakrishnan

Abdelhak Senhadji

Janet Stotsky

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Opinions expressed in articles and other materials are those of the authors; they do not necessarily reflect IMF policy.

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FINANCE & DEVELOPMENT A QUARTERLY PUBLICATION OF THE INTERNATIONAL MONETARY FUND

March 2014 • Volume 51 • Number 1

Front Matter Page

FEATURES

EUROPE’S UNION, STEP BY STEP

  • Europe’s Road to Integration

  • History points to integration to overcome a tough crisis

  • Reza Moghadam

  • Whither the Euro?

  • Historians may wonder how it came to be introduced in the first place

  • Kevin Hjortshøj O’Rourke

  • Tectonic Shifts

  • Banking union is a long-term process that will profoundly reshape Europe’s financial system

  • Nicolas Véron

  • A Long Shadow over Growth

  • Conquering unemployment and boosting growth is the number one priority in Europe today

  • Helge Berger and Martin Schindler

  • Greener Europe

  • The continent has set ambitious goals for reducing carbon emission

  • Laszlo Varro

  • On the Ball

  • European soccer’s success can be credited, in part, to the liberalization of the players’ market. But what will the future bring?

  • Stefan Szymanski

ALSO IN THIS ISSUE

  • Senior Shock

  • The graying of advanced economies may make monetary policy less effective

  • Patrick Imam

  • The Dollar Reigns Supreme, by Default

  • International currency arrangements have come under scrutiny in the aftermath of the global financial crisis

  • Eswar Prasad

  • Harbingers of Recessions

  • Changes in asset prices are good predictors of economic downturns

  • John C. Bluedorn, Jörg W. Decressin, and Marco E. Terrones

  • Man versus Mother Nature

  • In the battle against natural disasters, forward-thinking macroeconomic policy can help countries prepare for and mitigate the eventual blow

  • Nicole Laframboise and Sebastian Acevedo

  • Aid and Oil

  • Growing numbers of large oil discoveries in low-income countries could reduce the need for foreign aid

  • Rabah Arezki and Ritwik Banerjee

  • Chained Value

  • The growth of multicountry manufacturing is changing how the world’s income and growth are generated

  • Michele Ruta and Mika Saito

DEPARTMENTS

  • In Brief

  • People in Economics

  • The Queen of Numbers

  • Jeremy Clift profiles Lucrezia Reichlin, a pioneer of real-time short-term forecasting

  • Back to Basics

  • What Is Monetarism?

  • Its emphasis on money’s importance gained sway in the 1970s

  • Sarwat Jahan and Chris Papageorgiou

  • Book Reviews

  • Uncharted: Big Data as a Lens on Human Culture, Erez Aiden and Jean-Baptiste Michel

  • GDP: A Brief but Affectionate History, Diane Coyle

Illustration: p. 13, Michelle Martin/IMF; p. 34, Tom Wood/IMF.

Photography: Cover, Bogdan Cristel/Reuters/Corbis; p. 2, Francisco Bonilla/Reuters/Corbis; Wolfgang Runge/dpa/Corbis; p. 3, Owen Franken/Corbis; Steve Raymer/National Geographic Society/Corbis; p. 4, Josh Lustig/Panos Pictures; p. 8, Joshua Roberts/IMF; p. 9, U.S. Army via CNP/Newscom; Hulton-Deutsch Collection/Corbis; Bettmann/Corbis; AFP/Getty Images, Time & Life Pictures/Getty Images; p. 10, iStockphoto; Gamma Keystone via Getty Images; Regis Bossu/Sygma/Corbis; Wavebreak Media/Newscom; Ingram Publishing/Newscom; p. 11, U. Baumgarten via Getty Images; pp. 14–15, Cristian Als/Panos Pictures; p. 17, Kal Pfaffenbach/Reuters/Corbis; p. 20, Eric Gaillard/Reuters/Corbis; p. 23, Yiorgos Karahalis/Reuters/Corbis; p. 24, Cultura RM/Mischa Keijser/Getty Images; p. 27, Jonathan Nackstrand/AFP/Getty Images/Newscom; p. 31, Marco Bulgarelli/Gamma-Rapho via Getty Images; p. 40, Issei Kato/Reuters/Corbis; p. 42, Toru Hanai/Reuters/Corbis; p. 44, Orlando Barria/ EPA/Newscom; p. 48, Peter & Georgina Bowater Stock Connections Worldwide/Newscom; p. 52, Elaine Thompson/AP/Corbis; pp. 56–57, Michael Spilotro/IMF.

Read online at www.imf.org/fandd

Finance and Development, March 2014
Author: International Monetary Fund. External Relations Dept.