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With the ongoing globalisation, markets and companies are increasingly transcending national borders. It therefore seems logical to let economic policy follow this trend and to let it reach international dimensions, too. While international coordination and cooperation have moved high up on the economic policy agenda, it is still difficult to exactly identify the areas that qualify for international coordination and to
determine the appropriate extent of coordination.
The turbulences on international financial markets offer a case in point for the diverging viewpoints. For many observers they are proof for the pressing need for internationally coordinated measures to curb speculation in foreign exchange markets. Others point out that countries in crisis have hesitated to devaluate excessively high exchange rates only because they hoped to obtain international financial aid.
These observers believe that the problem is not a dearth, but a surfeit of international political coordination. Equally contentious is the debate about several other issues, for example, international competition policy – the topic of this paper.

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Henning Klodt

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