Paul De Grauwe is John Paulson Chair in European Political Economy 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.