This paper examines the causes of the general decline in the value of the euro by assessing the various explanations proffered in existing literature, then offering a more satisfactory explanation. The argument prevalent in the literature--that the decline in value of the euro is due to "U.S....

Within the framework of macroeconomic policy and theory over the past twenty years or so, a major shift has occurred regarding the relative importance given of monetary policy versus fiscal policy. The former has gained considerably in stature, while the latter is rarely mentioned. Further,...

This paper presents two issues: first, an effort to decipher the type of economic analysis and macroeconomic policies of the Economic and Monetary Union (EMU) theoretical and policy framework, which we suggest are essentially of the "new consensus" variety; second, an argument that the...

Since the early 1990s, a number of countries have adopted Inflation Targeting (IT) in an effort to reduce inflation. Most literature has praised IT as a superior framework of monetary policy. We suggest that IT is a major policy prescription closely associated with the New Consensus...

This book discusses the future of MERCOSUR, focusing on monetary union and macroeconomic policy co-ordination, and addresses a number of important questions including: is it possible, or even desirable, to achieve monetary integration?; what would the pre-conditions be for establishing such a...

This book deals with the economic consequences of monetary integration, which has long been dominated by the Optimal Currency Area (OCA) paradigm. In this model, money is perceived as having developed from a private sector cost minimization process to facilitate transactions. Not surprisingly,...

Over the past two decades there has been a prevailing shift in economic policy in many countries. This reflects the continuing rise of neo-liberalism – the doctrine that economic policy should ‘leave it to the market’ and that governments should retreat from market...

Over the past two decades there has been a prevailing shift in economic policy in many countries. This reflects the continuing rise of neo-liberalism – the doctrine that economic policy should ‘leave it to the market’ and that governments should retreat from market...

The growth of neo-liberalism has been the dominant political force in the past two decades. This volume concentrates on understanding the political economy of neo-liberalism. It focuses on a number of the most critical issues and examines the essence of neo-liberalism, namely, the dominance of...