(part II) of Benelux, France and Germany (EMU-5) covering the period of 1997-2004. The fiscal policy part concentrates on … monetary policy affairs, the heterogeneity of EMU-5 members is surveyed. The brief analysis of two main aspects of the monetary …

(EMU) with a view to making policy recommendations regarding improvements to the EMU institutional architecture. We build … formally take account of the negative externality' problem that has been central to policy debates related to the EMU … dynamics of the political formation within the EMU. The analysis suggests that, under the present political-economic set-up of …

European Monetary Union (EMU). These countries may incur considerable costs over the course of their passing through the … costs on to current EMU-members. In turn, a CEEC's leverage depends on their ability to wield successful brinkmanship via an …

leading to currency and financial crises whenever they perceive the authorities' commitment to EMU less credible. This article …

analysis suggests that, given EMU's present political-economic set-up, i) the bail-out was unavoidable, ii) the lengthy process … with a future moral hazard problem. Based on our analysis, we suggest that the EMU's institutional design could be improved … processes as well as the conditions and parameters on which the scope and limits of fiscal redistribution in EMU depends. In …

analysis suggests that, given EMU's present political-economic set-up, i) the bail-out was unavoidable, ii) the lengthy process … with a future moral hazard problem. Based on our analysis, we suggest that the EMU's institutional design could be improved … negotiation processes as well as the conditions and parameters on which the scope and limits of fiscal redistribution in EMU …

(EMU) with a view to making policy recommendations regarding improvements to the EMU institutional architecture. We build … formally take account of the negative externality' problem that has been central to policy debates related to the EMU … dynamics of the political formation within the EMU. The analysis suggests that, under the present political-economic set-up of …

analysis suggests that, given EMU’s present political-economic set-up, i) the bail-out was unavoidable, ii) the lengthy process … with a future moral hazard problem. Based on our analysis, we suggest that the EMU’s institutional design could be improved … negotiation processes as well as the conditions and parameters on which the scope and limits of fiscal redistribution in EMU …

European Monetary Union (EMU). These countries may incur considerable costs over the course of their passing through the … costs on to current EMU-members. In turn, a CEEC's leverage depends on their ability to wield successful brinkmanship via an …