The Maastricht Treaty of 1992 contains regulations on the eligibility of European Union (EU) member countries to join the single currency. 'Sustainability' of a country's public finance position is one of the four criteria for membership of the single currency. One major finding is the extremely...

While financial crises during the 1990s have started a lively debate on IMF policies toward member countries, reform of the Fund's organisational structure and operations have been largely ignored. Improved organisation and operations would increase IMF efficiency and membership participation,...

The paper discusses different views on the reform of the International Monetary System. It illustrates the most recent antecedents of the current debate, focusing on criteria, determinants and effects of the choice among different exchange regimes and discussing in particular the relationship...

The existence of a considerable and varying time lag between the actions by the central bank in adjusting its policy instruments and the effects on the respective target variable is widely acknowledged. As a result, the monetary policy maker needs to take a forward-looking approach in...

The work seeks to better understand how economic thought changes at policy institutions, as compared to academic institutions. The prevalence of academic economics during the 1970s introduced pronounced changes in the Annual Economic Reports of the European Commission. These changes, touted by...

The transition from a planned to a decentralised market economy amongst the new independent republics of the former Soviet Union has often been accompanied by harsh political competition to obtain the responsibility for implementing the required institutional reforms. A brief overview is...

The economy of Singapore has remained relatively unscathed from the Asian currency crisis of 1997 and 1998 which has severely crippled the markets of Hong Kong, Indonesia, and Malaysia. The Monetary Authority of Singapore, which has overseen the country's financial development since the 1960s,...

An economic analysis of the EU and EMU, from origin to likely future, is presented.

The author is one of the UK's eminent monetary economists and a member of the UK's Monetary Policy Committee. After summarising his early academic career, he discusses his time at the Bank of England and the formation of UK monetary policy. This leads on to a survey of his later experiences in...