The Euro Crisis from the Perspective of the Preceding Debates on Fixed versus Flexible Exchange Rates and the European Currency Union The development of the European Monetary Union is related to Milton Friedman"s critique of the Bretton Woods System that started a vigorous debate about "fixed...

We argue that the doctrine of the economic advantages of central bank independence cannot be uncritically transferred to the European Central Bank (ECB). To our opinion, it is the State, not its central bank, who bears the ultimate responsibility for the purchasing power of its paper money. Now,...