During the years that followed the euro's introduction, financial integration proceeded rapidly and markets and governments hailed it as a sign of success. But in fact, a lasting convergence in productivity did not materialize. So where do we stand, and what more is needed?

As the world economy continues to struggle, people are taking to the streets by the thousands to protest painful cuts in public spending designed to reduce government debt and deficits. This fiscal fury is understandable.

Nemat Shafik, who took over as IMF Deputy Managing Director in April, says she has been surprised by the vigor of internal policy debate at the IMF. "...

What the arrest of International Monetary Fund chief Dominique Strauss-Kahn means for the global economy has only just begun to take shape. On Sat...