We find that institutional quality of an individual country was highly and significantly correlated with its economic performance in the euro area. We argue that governance reforms proposed at present do not suffice to resolving the fundamental problems of the EMU governance system unless...

This paper presents some thoughts on what we can learn from investigating European and East Asian monetary policies and monetary cooperation in historical comparative perspective. This fresh approach to the ongoing global and regional crises highlights the necessity to view problems of national...

The debt crisis in several member states of the euro area has raised doubts on the viability of European Economic and Monetary Union (EMU) and the future of the euro. While the launch of the euro in 1999 stirred a lot of interest in regional monetary integration and even monetary unification in...