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Theories and practices often outlive their usefulness in our fast-changing world.

So do institutions, including those chartered at the 1944 Bretton Woods Conference.

With US help, Europe and Japan launched huge rebuilding projects.

Here in the States we enjoyed rapid growth and a Baby Boom that produced me and perhaps you.

Yet that era also bequeathed to us some new problems.

What we now call the European Union grew out of a postwar Franco-German coal and steel trading pact.


For those of us who have been following the IMF for decades, the report is not all that surprising.The euro currency is a branch in the same family tree as the World Bank, the International Monetary Fund, and others.


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