We analyze the importance of global shocks for the global economy and national policy makers. More specifically, we investigate whether monetary policy has become less effective in the wake of financial globalization. We also examine whether there is increasing uncertainty for central banks due...

The paper takes into account both the concerns of the EU, arguing that convergence is incomplete, and the demands from accession countries, claiming that monetary integration is optimal. Indicators are developed which measure convergence and optimality in comparison with a reference group of the...

Already before the final introduction of the single European currency there have been negotiations on a further enlargement of the Eurozone to the East. The accession of 10 Central and Eastern European Countries (CEEC) to Euroland is likely to be realised within the next 10 years and it is an...