Europe’s single currency is widely invoked as a potential solution to the monetary and exchange rate problems of other regions, including Asia, Latin America, North America and even Africa. This lecture asks whether the Europe’s experience in creating the euro is exportable. It...

Now that the decision has been taken to admit to the European Union eight of what were once called the transition economies, attention has naturally turned to whether these countries should also join Europe’s monetary union. But where is a consensus that joining the EU, while posing...

This paper reviews the controversy over Europe’s Stability and Growth Pact and offers a proposal for its reform. It argues that Europe would be best served by focusing on the fundamental causes of unsustainable debts — public enterprises that are too big to fail, unfunded public...

This lecture considers how Europe’s monetary union will evolve in the next five to ten years. It concentrates on what is likely to be the most important change in that period, namely, the increasing number and heterogeneity of participating states. By 2006, less than four years from now,...

This paper inquires into the causes of the contrasting experiences between Asia and Europe and asks what they bode for the future. It poses questions like: Is the contrast explicable in terms of the fact that Europe was earlier to begin the process of removing controls on cross-border portfolio...