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Virtual currencies are a contemporary form of private money. Thanks to their technological properties, their global transaction networks are relatively safe, transparent, and fast. This gives them good prospects for further development. However, they remain unlikely to challenge the dominant...
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This paper reviews the factors that will determine the shape of financial markets under EMU. It argues that financial markets will not be unified by the introduction of the euro. National central banks have a vested interest in preserving local idiosyncracies (e.g. the Wechsels in Germany) and...
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The financial crisis in Europe has resulted in a new assessment of monetary and financial integration both in Europe … liquidity facility, are potential benefits of monetary and financial integration. However, the crisis in Europe has exposed a … number of weaknesses in the approach taken in the eurozone. In Europe, there was an unresolved tension between the so …
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