The European Union and 2nd pillar integration : the common foreign and security policy / Meltem Muftuler-Bac -- The European security and defence policy : capabilities and institutions / Gulnur Aybet -- The EU as an international actor : "civilian", "normative" or "military" power? / Yannis A....

Incomplete monetary union and Europe's current crisis -- From order to disorder : how monetary union changed national labor markets -- Monetary regimes, sectoral wage relations and the current account crisis in the EMU south : empirical evidence -- National central banks promoting inflation...

In this paper we propose an alternative explanation for the nature, sources and consequences of inflation rate differentials in a monetary union, such as EMU. To achieve this, we build on the new neoclassical synthesis (NNS) framework, recently advanced by Goodfriend (2002) and Goodfriend and...