The cyclical situation at the beginning of the European Monetary Union (EMU) is favorable: The upswing in Euroland has firmed, unemployment is going down, and inflation is low. However, economic growth outside the new currency area has weakened significantly during 1998, and fears are mounting...

Since 1988 Peru has plunged into a deep economic crisis which has already caused severe social strife and threatens to uproot the young democratic system. The present government seems to be unable to arrest the precipitous decline of per capita income of the Peruvian population. Therefore, the...