When the Bretton Woods system collapsed in December 1971 the expectation was that a reformed monetary system could be introduced within a year or two. The following article discusses the question why, contrary to this general expectation, the international instability in payments still exists...

Increasing global capital flows are principally beneficial for the improved international allocation of capital, credit and risks, but this process is not without risks for global financial stability. Expanded global monitoring of international capital flows should deepen our knowledge of the...

This paper highlights that the EMU transition process itself can pose challenges to individual accession countries and draws policy implications for ERM II. Differences in financial market development and international liabilities underscore the risks and benefits of ERM II, and may lead to...