Economists are currently divided over the question of what represents a more immediate threat to the global economy - deflation or excessive infl ation. Using stochastic simulations, this article extrapolates the likely inflation rates in individual European countries and the euro area as a...

European Economic and Monetary Union is currently in the course of preparation by an inter-governmental conference. What are the benefits and risks associated with European monetary union? What essential requirements need to be fulfilled when the agreements are concluded?