The U.S. needs to take a fairer, more comprehensive approach in its efforts to restore global balance. Rather than singling China out, the U.S. should work toward bringing currency policy under more effective review, either through the International Monetary Fund or the World Trade Organization. Member countries should promise to allow movement of currencies toward levels that would reduce trade imbalances. The WTO could decide when and how to punish those who failed to comply — an approach that would insulate the process from political vagaries, such as the outcome of the U.S. presidential election.  Article