In this paper I analyze the work on exchange rates and external imbalances by University of Chicago faculty members during the university's first hundred years, 1892-1992. Many people associate Chicago's views with Milton Friedman's advocacy for flexible exchange rates. But, of course, there was...

This paper analyses the European Central Bank's (ECB) advisory role related to proposed Community and national legislation falling within ECB's fields of competence, with a particular focus on the consultation procedure. The consultation procedure involves parties that are under an obligation to...

The EC Treaty obliges Community and (both functionally and geographically decentralized) national authorities to consult the ECB before adopting any legislation in its fields of competence. Failure to consult the ECB can render any disputed rules void. This paper explores the relevant primary...