A few posts back, I refered to an article by James Tobin [1]. 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.

References

1. 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