How much can regional monitoring of financial markets and coordination of financial sector policies contribute to preventing and mitigating financial crises? This paper reviews and compares the experiences of Europe and Asia, which have taken different routes and have achieved different levels...

In this paper we carry over a static version of a New Keynesian Macro Model to a monetary union. For a similar approach see Uhlig (2002). We will show in particular that a harmonious functioning of a monetary union critically depends on the correlation structure of shocks that hit the currency...

A group of prominent international economists got together to develop an urgent call for change. As they say, the European Union became an Austerity Union. Their call for new policies includes a focus on growth and employment, reducing inequality, reforming banking, and new taxes and social...