Political debates over the fiscal framework of the European Monetary Union have focused on two issues, dealing with asymmetric shocks and maintaining a high degree of fiscal discipline. After reviewing the development of the EMU fiscal framework, we argue that transfers dealing with asymmetric...

This book deals with the key aspects of developments in monetary economics and macroeconomics, such as the New Consensus Macroeconomics, and further ones such as money, credit and the business cycle. Adding to the analysis are developments that focus on issues for open and spatial macroeconomics

The authors offer a sustained argument that the single currency as currently implemented does not promise to deliver prolonged growth. They contend that the economic impact of the euro, and its accompanying institutions, is likely to be destabilising and deflationary; that the political impact...