The ECB's strategy of inflation targeting as currently practiced requires only minor adjustments to allow the ECB to best provide price stability and support the EU's general economic policies. The key to inflation targeting is a distinct and symmetric inflation target that serves as a benchmark...

This paper analyses the impact of the shift away from a U.S. dollar focus of systemically important emerging market economies (EMEs) on configurations between the U.S. dollar, the euro and the yen. Given the difficulty that fixed or managed U.S. dollar exchange rate regimes remain pervasive and...

The paper assesses the extent to which the Group of Seven (G7) has been successful in its management of major currencies since the 1970s. Using an event-study approach, the paper finds evidence that the G7 has been overall effective in moving the U.S. dollar, yen and euro in the intended...