The crisis of the European exchange-rate system (ERM) in 1992093 was a critical event in the post- Bretton Woods history of the international monetary system. A full understanding of the causes, origins, and implications of the ERM breakdown can privide policy lessons that are particularly...

This essay is based on the 1997-98 Frank D. Graham Memorial Lecture, which I had the honor of presenting at Princeton University on April 9, 1998. Frank Graham was deeply concerned with the interplay among national policy sovereignty, exchange-rate regimes, and price-level stability. Today, the...

Financial revolutions in Europe have been ascribed to the Italian innovation of the bill of exchange in the thirteenth century and to the British ordering of government debt at the end of the seventeenth and beginning of the eighteenth centuries. Less attention has been paid to the series of...

The potential impact of the new institutional framework for EMU financial policymaking might have on the ability of European policymakers to ensure financial stability and manage financial crises within is the subject of this study. It focuses, in particular, on the allocation of...

Should central banks concern themselves with agricultural policies? Does Europe's Common Agricultural Policy (CAP) matter for Central and Eastern Europe? Should ministries of agriculture be abolished, or perhaps be incorporated into ministries of environment or even education and culture? The...