This book explores the origins, rationale, problems and prospects of the European fiscal policy framework. It provides the reader with a roadmap to EMU's budgetary framework by exploring its theoretical and empirical foundations, uncovering its historical roots and emphasising its supranational...

"With Covid-19 and other recent crises proving the need to review the state-of-play and implement robust institutional frameworks in the complex, heterogenous and decentralised European supervisory architecture, this insightful book outlines what can be done to innovate the current set-up in the...

This book examines the monetary integration of the group of countries which constitute the Economic and Monetary Union (EMU), signalling the emergence of a truly European economy. The authors devote their considerable expertise to the analysis of macroeconomic policies within EMU and the...

This book deals with the economic consequences of monetary integration, which has long been dominated by the Optimal Currency Area (OCA) paradigm. In this model, money is perceived as having developed from a private sector cost minimization process to facilitate transactions. Not surprisingly,...

Potential new entrants to the European Union from Central and Eastern European countries face many challenges to achieve financial convergence with the existing EU nations. Using detailed case studies from Bulgaria, the Czech Republic, Latvia, Lithuania and Poland and analysis of cross country...

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...

The dramatic evolution of financial markets in the 1980s and 1990s, accompanied by increasing institutional integration between nations (most notably in the EU), have fostered a widespread belief that governments - particularly those of small economies - have essentially lost the power to pursue...

1. Opening remarks -- 2. Fiscal policies and sustainability of public finances in the European Union -- 3. Fiscal policy challenges, sustainability of public finances and EU accession : the case of Turkey -- 4. Monetary policy in the Euro area : lessons from five years of the ECB and then...

This book is a critical review of current fiscal and monetary policy in Europe and presents results of both empirical research and a discussion of the theoretical framework behind the policy of the European Central Bank and the Stability and Growth Pact. Macroeconomic policy is often hotly...

1. Introduction -- 2. Issues facing the global economy -- 3. Internal aspects of the euro -- 4. International aspects of the euro -- 5. Lionel Robbins lecture -- 6. The future of the EMU, the euro, and international finance -- 7. The role of gold in the international monetary system -- 8....