Current developments in Greece make clear that the rules of the European Stability and Growth Pact (SGP) were neither strict enough nor enforced strictly enough. To deal with the ongoing exit from the fiscal crisis and its related phenomena, we propose a new framework for fiscal policy...

While the Maastricht Treaty envisages a single European Currency as part of the Economic and Monetary Union, it contains no detailed instructions as to the practical arrangements for its introduction. Despite prolonged discussions and negotiations at various levels, no consensus has so far been...

In the debate about the world monetary order there is agreement that greater stability in international currency relationships would be desirable. Could a system of fixed exchange rates between the currencies of the major industrial countries put an end to the present instability? What would be...

International investment flows have increased rapidly with the growing globalization of markets and production. These flows will be of greatest benefit to the world economy as a whole if they can be based on a transparent and predictable system of generally recognized rules. What strategy should...

Only a limited number of countries will participate in the single currency area at its formation on January 1st, 1999. A new link between the currencies participating in the Euro zone and those unable or unwilling to do so must therefore be created. A new EMS, with the Euro as its anchor...

The growing use of the European Currency Unit (ECU) in private transactions is often expected to produce a decisive impetus towards monetary integration within Europe. On the other hand, critics warn of the monetary risks of increased private use of the ECU. What are the opportunities and risks...