A few posts back, I refered to an article by James Tobin . It has a nice but pessimistic ending:
Coordination of macroeconomic policies is certainly not easy; maybe it is impossible. But in its absence, I suspect nationalistic solutions will be sought – trade barriers, capital controls, and dual-exchange rate systems. Wars among nations with these weapons are likely to be mutually destructive. Eventually, they, too, would evoke agitation for international coordination.
- James Tobin, Agenda For International Coordination Of Macroeconomic Policies, Ch 24, p 633, Essays In Economics, Volume 4: National And International, The MIT Press, 1996