Monetary sovereignty and its surrender -- Institutional developments to promote monetary stability -- Institutional design of supervision -- Banking crises and stability of the financial system -- Monetary and financial law reform in emerging economies -- History of monetary integration in...

This paper highlights that the EMU transition process itself can pose challenges to individual accession countries and draws policy implications for ERM II. Differences in financial market development and international liabilities underscore the risks and benefits of ERM II, and may lead to...