Over the past three years, as the euro area has struggled with high levels of sovereign debt, it has been gradually developing into a debt union. However, this is not a sustainable arrangement. This article proposes two alternatives to a debt union: a fiscal union and a monetary union with...

The prior paper in this sequel, Pope (2009) introduced the concept of a nominalist heuristic, defined as a focus on prominent numbers, indices or ratios. In this paper the concept is used to show three things in how scientists and practitioners analyse and evaluate to decide (conclude). First,...

This paper's field evidence is: (1) many official sectors rapidly forget the damage of the 1982-85 exchange rate liquidity crisis and reverted to what caused that crisis, namely a closed economy clean floats perspective; and (2) the 2006-2008/9 exchange rate liquidity shock would have been more...

Opinion is divided on whether it is better to have a single world money or variable exchange rates.Pope, Selten and von Hagen (2003) propose that fresh light would be shed via an analysis that allows forseven complexity impacts on the exchange rate that are underplayed (where not entirely...

The paper traces the dangers in the closed economy perspective of a monetary policy focused on adomestic inflation goal under a clean float. Field evidence of the damage wrought from this perspective isreinforced by that from a laboratory experiment. The laboratory experiment avoids measurement...