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...

With the spectre of a recession looming in the eurozone (and elsewhere), the policy question arises as to how much leeway do the fiscal authorities in the eurozone have to follow counter-cyclical fiscal policies aimed at providing some stimulus to the economy.

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...