Assuming th eeventual adoption of the Euro, the paper reviews the run-up and the medium run issues and policy options on the path towards the Euro.

The paper investigates the potential effects of the exchange rate regime on the conditional volatilities and international correlations on bond and stock markets. The analysis is essentially empirical. It focuses on the recent experience of the EMS, and examines the behavior of domestic daily...

The paper examines to what extent a high public debt implies high vulnerability of a fixed exchange regime to currency crises. We combine a model of optimal debt repudiation, through inflation-devaluation, with a stochastic balance of payments crisis model.