In the first three years of its (virtual) existence, the euro has seen a general decline in its value (notably against the dollar). In this paper we look at this issue and reflect on the implications of the decline for the future of the euro.The paper begins by briefly reviewing some of the...

There has been a major shift within macroeconomic policy over the past two decades or so in terms of the relative importance given to monetary policy and to fiscal policy in both policy and theoretical terms. The former has gained considerably in importance, with the latter being rarely...

This paper argues that the thesis advanced by Walters and Young on the lack of coherence of post-Keynesian economics itself lacks coherence and involves considerable misunderstanding and misinterpretation of post-Keynesian economics. We identify the central theme of post-Keynesian economics as...

The euro crisis has highlighted a range of problems with the "euro project." These problems and difficulties are related to fundamental weaknesses of the euro and the lack of a financially unified European Monetary Union. This short article attempts to explain the original shortcomings of the...

The purpose of this paper is to consider the policy implications of the ‘new economics’. The focus will be on financial stability as an objective of policy within a more general framework of policies. The theoretical framework upon which we base our policy conclusions is summarised to...

This paper examines the implications of the experience with the financial crisis of August 2007 for fiscal policy and the use made of it. We briefly sketch the changing attitudes toward fiscal policy and the demise of arbitrary rules for the budget deficits and the reassertion of purposeful...

This paper traces the history and the institutional background of European integration to the establishment of the economic and monetary union in the European Union (EU). After the establishment of the European Economic Community (EEC) in the late 1950s, attempts at monetary integration, and...