This chapter highlights key shortcomings and failures of Europe's Economic and Monetary Union - essentially the most advanced case of regional integration in the world, inspiring numerous other initiatives including among developing countries, but fatally flawed and limited. The European...

This chapter explores Keynes’s monetary thought with a focus on financial instability and crises. Keynes’s early monetary work, Indian Currency and Finance (1913), shows his keen concerns for financial instabilities and his appreciation of central banks’ lender-of-last-resort role. In his...