Benn Steil

Global financial instability has sparked a surge in "monetary nationalism" -- the idea that countries must make and control their own currencies. But globalization and monetary nationalism are a dangerous combination, a cause of financial crises and geopolitical tension. The world needs to abandon unwanted currencies, replacing them with dollars, euros, and multinational currencies as yet unborn.

Peace in the Balkans depends on economic stability and prosperity for all. To overcome the legacies of failed economic reforms and ethnic strife, southeastern Europe needs nothing short of a European "New Deal." Sound money and free trade can take root in the Balkans only if the EU expands the euro and its trade arrangements to the region promptly, with no strings attached. But the EU's current approach, which attaches conditions to membership in its elite clubs, falls far short.