cooperation and of monetary unions, above all in the U.S., Germany and Italy. The purpose of national monetary unions was to …

of adjustment to these shocks are then compared to the results from US regional data. We find that the underlying shocks … are significantly more idiosyncratic across EC countries than across US regions, which may indicate that the EC will find … neighbors, experience shocks of similar magnitude and cohesion as the US regions. EC countries also exhibit a slower response to …

be combined with a fiscal union. The history of the U.S. monetary/fiscal union is often given as a template for Europe … 1790 to the mid 1930s. In the European case ,unlike the U.S. story, there is strong opposition to creating a fiscal union … because members fear the loss of sovereignty that is entailed. As a compromise between the status quo and a U.S. style fiscal …

and the US. Second, it may improve macroeconomic management by increasing the responsiveness of wages and prices to market …

the 1930s in the U.S. In the post-World War II era a detailed examination of the Great Inflation in the 1960s and 1970s in … the U.S. and the U.K. suggests that fiscal influences on monetary policy was a key factor. Finally we contrast the …