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The Euro-area now has a single monetary policy, administered by the European Central Bank. The succedss of such a 'one policy fits all' system depends in part on the mechanisms by which decisions on interest rates, etc. affect the real economy. This study examines various differences between...
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[eng] Models of the ems: is Europe a greater deutschmark area ?. . Regimes of fixed exchange rates or limited exchange-rate flexibility, like the ideal « target zone » proposai or the real European Monetary System (EMS), raise the question of symmetry. Who runs monetary policy and who sets...
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