This paper argues that the inception of the euro itself, with its restrictive monetarist institutional structures, to an area which is in a divergent state, which has recently been widened by a process of divergence, is ample reason for long term investors, and, indeed, post-"euphoric", short...

This article is a short introduction to the 5 paper symposium on the European economic and monetary union appearing in this issue.

The convergence criteria that were introduced to allow the creation of a common currency, the EURO, in the European Union appear to sacrifice growth and employment for price stability. Yet, this conflict will have to be resolved if the European project is to succeed. This paper suggests that...

Confounding forecasts of disruption and market turbulence, the transition to monetary union in Europe took place very smoothly. Some recent developments, however, are cause for concern, and important problems must still be resolved. The governments of most euro-zone countries do not subscribe to...