Inflation is on the rise again in the industrialised world. This has led to fears of a sustained surge in inflation. This article argues that while such fears may make sense in the US, they do not in the eurozone, where the monetary-fiscal policy mix has been much less expansionary than in the...

Euro area inflation has been rising strongly in the wake of the COVID-19 pandemic, giving rise to concerns that there could be second-round effects, with higher inflation leading to higher inflation expectations, which in turn lead to higher inflation. This could result in more persistent rises...

As the recent struggles connected with the readjustment of exchange rates within the European Monetary System have shown, the relatively unproblematic "running in" period of the EMS, which was supposed to be a constructive contribution to the creation of a more viable international monetary...

The record of the European Monetary System at the five-year mark is rather a disappointment for the System’s advocates. Has the “EMS experiment” failed? Or is there potential for developing the System further to the advantage of all member countries?