This Letter to the Editor contests the opinion that emerging-market economies should adopt internationally accepted currencies, such as the US dollar or the euro.

The merits of fixed versus flexible exchange rates and whether the recent shift in U.S. and other official views on exchange rate regimes is appropriate.

China's creaky financial system seems destined for an economic hard landing this year.

We willprobably witness a major turnover among European leadership; younger, more pragmatic leaders will see that, ultimately, Europe’s monetary arrangements need to change.

G-7must distinguish between the desirability of seeking price-level stability in a world of excess demand and the dangers of pursuing exchange rate rigidity in a world of excess supply.

While the future may bring significant volatility in financial markets, the real economic health of the U.S. economy is far better now than at any time in the past century.

The dollar peg made borrowing in the local currencies of Asia and Latin America too cheap, and the resulting excess capacity made those currencies overvalued, and the currency pegs collapsed.

As bond yields have begun to move higher, the U.S. stock market has taken note and retreat ed about 4 percent from the highs achieved in April.