states of the European Union that has far-reaching implications for the long-run value of the euro, and therefore, on the …

the removal of these obstacles and the pushing of the euro area to high levels of employment and economic activity …

The euro was adopted as legal tender, albeit in a virtual form, by 11 countries of the European Union on January 1 … phased out during the first six months of that year and that the euro would be fully operational by 2002. This paper first …

introduction of the euro in January 1999, but which has not received as much attention in the policy debates on the euro as some … other aspects of it. This is followed by a discussion of the institutional underpinnings of the euro, with the argument made …

full employment and low inflation in the euro area. We conclude that the institutional and policy arrangements surrounding … the EMU and the euro are neither adequate for dealing with today's problems of unemployment and inflation nor promising …

macropolicies lies in their potential to achieve full employment and low inflation in the euro system. On the last point, the author …

euro area as a result of either different monetary policy preferences or different economic structures among the EMU …

The initial introduction of the euro has, against many expectations, been accompanied by a decline in the value of the … euro (notably vis-à-vis the dollar and sterling). It has also been introduced at a time of high levels of unemployment … the euro, specifically from the policy and institutional arrangements within which the euro is embedded. It is the …

future value of the euro is uncertain, the prospects for the eurozone will remain bleak as long as the current institutions …This paper examines the causes of the general decline in the value of the euro by assessing the various explanations … the decline in value of the euro is due to a U.S. strength - rather than to any inherent difficulties with its imposition …