This Report examines the monetary unification of Europe and the creation of a European Central Bank. It deals first with the macroeconomics of monetary union and highlights four issues. What monetary constitution is required to deliver price stability, and do the draft statutes of the European...

When natural resource income is appropriated by the government, the re arises the issue of the use made of this income. While the "Dutch disease" literature considers the intratemporal allocative issues, this paper focuses the intertemporal aspects implied by the exhaustibility of natural...