Contents -- Foreword -- Introduction -- The G20MAP, global rebalancing, and sustaining global economic growth -- Fiscal consolidation and macroeconomic stabilisation -- The Eurozone crisis - April 2012 -- The Triffin Dilemma and a multipolar international reserve system -- Financial stability: Where it went and from whence it might return -- The crisis and the future of the banking industry -- How to prevent and better handle the failures of global systemically important financial institutions -- Cross-border banking in Europe: Policy challenges in turbulent times -- Credit default swaps in Europe* -- Global banks, fiscal policy and international business cycles -- The Doha Round impasse -- The Future of the WTO -- Open to goods, closed to people? -- The recession and international migration -- A dangerous campaign: Why we shouldn't risk the Schengen Agreement.