In the aftermath of the financial crisis trust, in the European Central Bank (ECB) has reached an historical low. Taking panel data and using a fixed effects DFGLS estimation for a 12–country sample over the time period 1999 to 2011 with a total of 312 observations, this paper detects a...

For many years, the guardians of the world's currency system have tried to cure the symptoms of its illness. They were not even altogether unsuccessful in their attempts to maintain the system of Bretton Woods. But its shortcomings are still conspicuous. One crisis after another occurs, and the...