Paul De Grauwe is Professor at the London School of Economics, having been professor at the University of Leuven, Belgium and a visiting scholar at the IMF, the Board of Governors of the Federal Reserve, and the Bank of Japan. He was a member of the Belgian parliament from 1991 to 2003. His research interests are international monetary relations, monetary integration, foreign-exchange markets, and open-economy macroeconomics. His books include “The Economics of Monetary Union”, Oxford, International Money. Post-war Trends and Theories”, Oxford, and “The exchange rate in a behavioural finance framework”, Princeton. He obtained his Ph.D from the Johns Hopkins University in 1974 and honoris causae of the University of Sankt Gallen (Switzerland), of the University of Turku (Finland), and the University of Genoa. He is a CEPR Research Fellow.