This paper argues that labor markets across Europe vary dramatically in their fundamental features and rigidities across Europe. Thus, any discussion of an optimum currency area should focus on the differences and the idiosyncratic changes in the labor markets. After demonstrating the vast...

Central banks' commitment to public interest goes beyond monetary policy. A wide range of areas are under the control of central banks (price and financial stability, services for the economy, e.g., economic analysis, payments, financial education, customer protection); central banks also have...