The recession under way in the European Union and the threat of deflation have spawned increasing frequent calls for modification of the Stability and Growth Pact. The present article confirms the negative correlation of the rate of real output growth with that of increase in current public...

This paper examines interactions between monetary policy and financial stability. There is a general view that Central Banks smooth interest rate changes to enhance the stability of financial markets. But might this induce a moral hazard problem, and induce financial institutions to maintain...

Governance amid globalisation : corporations, governments, and the G8 / Michele Fratianni, Paolo Savona, and John J. Kirton -- Globalisation's challenges for governance -- The needs and challenges of global governance / Olivier Giscard d'Estaing -- Globalisation, governance and the G8 summit /...