The paper analyses within a two-country framework the role of monetary shocks in transmitting macroeconomic fluctuations across countries, with a special emphasis on the case of Romania. The investigation is important as Romania is preparing to give up its monetary sovereignty and become a full...

This contribution to the Festschrift for the Centenary of the Swiss National Bank discusses the prospects for monetary stability and financial stability after the creation of the European Monetary Union. Topics covered include the robustness of institutional arrangements and their implications...