[eng] EMS Credibility and Macroeconomic Fundamentals: An Empirical Study by Benoît Cœuré and Antoine Magnier . The connection between the credibility of the EMS parities and changes in macroeconomic fundamentals is at the core of the economic debate that started following the 1992 and 1993...

[eng] This article advocates a more effective mechanism for assessing fiscal sustainability in medium-term budgetary policymaking. While national accounting systems have introduced the concept of « net value » of governments, we shall present a concept of « net wealth » reflecting balance...

<alinea/> Eleven years after the creation of the euro, this article surveys the international role of the European currency. The external representation of Eurozone has not yet reached its equilibrium point, and the relative economic weight of the area is bound to diminish in future years but this has...