This paper starts with a brief description of the situation before the establishment of the European Monetary Union (EMU), i.e., the problems of the European Monetary System (EMS) which was established in 1979 and was in need of repair. The paper then deals with the various possibilities of...

"The last few decades have witnessed the emergence of economic imbalances at the world level and within the euro zone. The failure of mainstream economics to accurately predict financial crises, or model the effects of finance-led growth, highlights the need for alternative frameworks. A key...

This paper examines the role of ERM II in the convergence effort of the new Member States, against the background of past convergence experience and in the light of EU rules for economic and monetary policy. Key aspects of the mechanism are analysed, including the appropriate timing and duration...