CAMBRIDGE – Every year at this time, China’s government organizes a major conference – sponsored by the Development Research Center, the official think tank of the State Council – that brings together senior Chinese officials, CEOs from major Chinese and Western firms, and a small group of international officials and academics. The China Development Forum (CDF) occurs just after the annual National People’s Congress.

CAMBRIDGE – Indian Prime Minister Narendra Modi’s vigorous foreign policy in the seven months since he took office has surprised observers. After inviting the leaders of Pakistan and other neighboring countries to his inauguration, he embarked on trips to China, Australia, and the United States. More recently, he welcomed Russian President Vladimir Putin to New Delhi and signed a large number of trade deals and orders to import Russian nuclear reactors. India, Modi is telling his fellow citizens, is strong and well regarded around the world.

Critics of the European countries' decisions to front-load their deficit reductions miss the importance of seizing the current moment of crisis to take politically difficult budget actions.

"The rest of the eurozone could allow Greece to take a temporary leave of absence with the right and the obligation to return at a more competitive exchange rate. More specifically, Greece would shift its currency from the euro to the drachma, with an initial exchange rate of one euro to one drachma. Bank balances and obligations would remain in euros. Wages and prices would be set in drachma."

Martin Feldstein explains how the falling dollar impacts the value of the U.S.'s imports and exports in the international market and what needs to happen to stop the dollar from falling further.