Author: Christopher Houghton Budd
Pages: 13
Originally published 1991

The main concern of this paper is with international price stability, meaning price stability as it appears from the point of view of the world as a single global economy associatively managed. In such a world, the dichotomy between Marxism and capitalism has been overcome, national economies have coalesced into a global partnership, and economic life and political life have each become autonomous. In this world the economy is conducted in a way that reconciles the antagonism between laissez-faire and state control. From this point of view, the essay looks afresh at the example of the Bank of International Settlements, the nature and the purpose of European union and the creation of a European Central Bank.