David Vines is Professor of Economics at the University of Oxford. His research has focused on: (a) Fiscal and monetary policy within the European Monetary Union and its implications for the reform of the Stability and Growth Pact in Europe; (b) International Financial Crises, and the implication of these crises for reform of the crisis-management process at the International Monetary Fund; (c) The implications of the fall of the dollar, and of Chinese exchange-rate policy for the reform of the international monetary system.