"Like a spreading disease, Europe's upheavals have transmogrified from mere upsets in the fields of twenty-first-century capitalism and economics into a larger and still more pernicious malady, infecting the continent's psyche and nervous system as well as the body. As a result, Europe faces the...

Front -- Contents -- Preface -- Introduction -- 1 Unhappy family -- 2 Dashed illusions -- 3 The German question revisited -- 4 Winners and losers -- 5 A dangerous vacuum -- 6 Irreparable errors -- 7 The technocrats stumble -- 8 A bank unlike the others -- 9 The Cyprus cauldron -- 10 Sovereignty...

This paper argues that whatever the macro- and micro-outcomes of the current economic, financial and regulatory crises, the roles of central banks worldwide are changing fundamentally. These changes will not be uniform, and different models of central banking, especially with regard to strategic...