The disintegration of the Soviet Union as a political entity has already begun. As an economic entity it is still intact. The following article examines the advantages and disadvantages facing the republics if they choose to break away completely.

The position taken by politicians and important pressure groups in Germany concerning EMU will depend to a large extent on its labour market implications - and thus on the (perceived) impact of exchange rate variability on employment and unemployment. Most economists would assume this impact to...