. Its exceptionally independent central bank, the ECB, sets monetary policy for the eurozone economy as a whole, but it has …EMU's design is seriously flawed. Monetary union was established without political union, creating a single eurozone … no institutions for setting a eurozone-wide fiscal policy, and hence no democratically accountable structure for setting …

Dollar/Euro exchange rate from the inception of the Euro in 1999 to the end of 2007. The major result of the paper is that … better description of ECB than of Fed policy during this period. While the evidence of predictability is only found for … coefficients on inflation and the real economic activity measure are constrained to be the same for the U.S. and the Euro Area and …

It is widely recognised that the "one-size-fits-all" monetary policy of the euro-zone is a potential problem. How much … competitiveness. A formal theory of inflation in the euro-zone based on an open-economy version of the New Keynesian model is used to … choice may lie between closer political union and a break-up of the euro-zone. …