The creation of the euro and the European Central Bank is a remarkable and unprecedented event in economic and … cyclical and inflation conditions vary substantially among countries. Labor market policies during this first year will … some advocate the euro despite its economic problems because of its assumed favorable effects on European political …

provision of lender of last resort facilities in the euro zone and the framework for supervising financial institutions. The … Growth Pact have been justified by the threat high debts might pose to the stability of the euro zone's financial markets. I …