To mark the Inaugural Meeting of OMFIF in the Middle East, in association with the Central Bank of the United Arab Emirates and with the generous support and hospitality of Governor Sultan Bin Nasser Al Suwaidi, the November OMFIF Bulletin extends more widely than before into issues of East and West. The U.A.E. and the other lands of Arabia straddle the creditor and debtor nations of the world. The search for reliable cooperation rather than destabilising confrontation between these two groups is a principal theme of our gathering. At a time when global policy-making is increasingly nationally-orientated and when the G20 process looks like lurching towards irrelevance, Paola Subbachi and John Nugée remind all players, particularly the US, of their responsibilities in the skirmishes over competitive currency depreciation. Ben Simpfendorfer takes a look at the historical position of the Middle East at the cross-roads of trade, capital and ideas.