Inflation expectations constitute a subject of particular contemporary interest to central banks, especially those pursuing a monetary policy based on a strategy of direct inflation targeting. Macroeconomic theory indicates that the transmission of monetary policy impulses and their impact on...

This paper provides a simple weekly model of the regular supply of liquidity in the euro area, with a view to understanding the functioning of the euro area money market. The main result of the analysis is that liquidity has normally been provided by the ECB in a neutral and smooth manner, but...

The paper summarises the outcomes of a research project on u0093The Eastward Enlargement of the Eurozoneu0094 that has been, since 2001, conducted by leading research institutions from Estonia, Finland, Italy, Poland, Portugal and Slovenia, coordinated by the Freie Universität Berlin's Jean...

This paper analyses the link between the forthcoming EU enlargement and selected aspects of EU institutional reforms, namely decision-making rules in the European Central Bank and the status of the Eurogroup. It states that some earlier arguments calling for urgent ECB reform are based on...

From an analysis of the uncertainties, deficiencies and negative effects of the present monetary system the necessity and the requirements for a new monetary order are derived. These requirements are fulfilled by the presented regulations of a monetary order, which is based on the proposals of...