President Barack Obama flew into Myanmar on Monday, becoming the first U.S. head of state to visit the country - a former pariah state that has taken the world by surprise with speedy political and economic reforms in the past year after five decades of military rule.
When, towards the end of World War II, the British economist John Maynard Keynes led his country’s delegation to negotiate in Bretton Woods the IMF’s charter (articles of agreement), he argued that the stability of the international monetary system and world economy required that surplus and deficit countries should be held equally responsible to balance their trade accounts.
European shares closed down on Friday, with losses led by the banking sector, in tandem with weakness on Wall Street due to ongoing concerns about the U.S. fiscal policy outlook.