No Abstrat is Available.

In this paper I seek to establish four points:- (1) EMU will be a much tighter and more ambitious regime than the gold standard. (2) Should,d misalignment occur under EMU, it could lead to considerable political tension, since most of the short-term economic safety valves are of limited...

It is our view that the Basel Committee of Banking Supervision, in its Basel II proposals, has failed to address many of the key deficiencies of the global financial regulatory system and even created the potential for new sources of instability. This document highlights our concerns that the...

There are few issues so subject to myth, sometimes unhelpful myths that tend to obscure rather than to illuminate real issues, as is the subject of whether a Central Bank, (or an International Financial Institution (IFI) such as the international Monetary Fund (IMF))), should act as a Lender of...

No Abstract is Available.

What we shall concentrate on in this paper is the way in which the strategy and tactics of monetary policy are currently being articulated in this current context. We document in Section 2, the common adoption of price stability as the overriding priority. This does not, however, prevent the...

Pan-European banks are starting to emerge, while arrangements for financial supervision and stability are still nationally rooted. This raises the issue who should bear the burden of any proposed recapitalisation should failures occur in large cross-border banks. A recapitalisation is efficient...

Immediately after 1997 General Election, the Chancellor of the Exchequer, Gordon Brown, gave the Monetary Policy Committee a single objective, which is an Inflation Target, defined as 2.5% for retail price inflation, excluding mortgage interest payments, i.e. RPIX. So, as you may imagine, the...