Virtual currencies are a contemporary form of private money. Thanks to their technological properties, their global transaction networks are relatively safe, transparent, and fast. This gives them good prospects for further development. However, they remain unlikely to challenge the dominant...

The current discussion about stability of the European money demand function is flawed by a confusion of two different concepts of stability (adjustment speed versus error variance). The meaning and importance of the underlying notions of stability is clarified. It is demonstrated that necessary...

The British Government's proposal to develop the ECU gradually into a "hard" European currency has begun to be viewed in a more positive light. What principles are at the heart of this proposal? Does a "hard" ECU have advantages over the existing ECU? What are its chances as a parallel currency?