A European Monetary Union (EMU) and the complete transfer of the responsibility for monetary policy to a European central bank are no longer utopian ideas, but a politically highly relevant possibility. The question how economic policy goals can be achieved within such a monetary union is...

The dramatic changes presently taking place in the world economic environment involve considerable risks, but at the same time offer significant opportunities which should not be ignored. Some of the major challenges the world economy is facing in the 1990s are discussed in the following article.

The almost total collapse of the old trade relationships with the other republics of the former Soviet Union has meant serious problems for the breakaway Baltic states of Estonia, Latvia and Lithuania. What progress have these countries been able to make so far on their way towards a market...

The increasing cross-border flows of information, trade, capital and technology have profoundly changed the macroeconomic fabric of nations. In the emergent borderless world macroeconomic theories and policy-making confront new challenges. This paper identifies and evaluates some of these...

Internationality is in the Federal Republic of Germany no mere slogan. A country whose industry and commerce is so closely interlinked with the economies of other countries needs international cooperation, and that not only within the restricted circle of its EEC partners, but also in the wider...