This paper explores coordination problems in the transition to European Monetary Union (EMU). If incentives to undertake costly convergence and the benefits of EMU to any individual countrydepend on other countries' strategies, innefficiencies and multiple equilibria can arise. A multi-speed...

This paper aims to make two contributions: to review the ECB’s non-standard monetary policy measures in response to the financial and sovereign debt crisis against the background of the institutional framework and financial structure of the euro area; and to interpret this response from a...