Ever since the inception of the single currency the monetary policy framework of the ECB has stressed the importance of monetary aggregates.
Diverging trends in money demand and housing across the Eurozone
Paul van den Noord, Ralph Setzer, Guntram Wolff, 15 May 2010
European Stabilisation Mechanism: Promises, realities and principles
Charles Wyplosz, 12 May 2010
There is much to reflect on following the decisions taken over the last weekend. The most important ones are:
Michael Burda, Stefan Gerlach, 11 May 2010
The plan agreed last weekend in Brussels appears has been received positively by the markets. Unfortunately, it is too early to conclude that it was a success. Future monetary historians will judge whether it was a brilliant move by Eurozone governments which put an end to speculation or the first step down a slippery path to ruin.
Financial Stability beyond Greece: Making the most out of the European Stabilisation Mechanism
Daniel Gros, Thomas Mayer, 11 May 2010
Reflecting on his experience with the multiple financial crises of the 1990s, then-Secretary of the Treasury Larry Summers wrote that policymakers facing a crisis tend to go through a process reminiscent of the five stages of grief (Summers 2000):
The ‘original sin’ in the Eurozone
Giancarlo Corsetti, 9 May 2010
Among the main advantages of participating in the Eurozone – along with ruling out currency risk – is the fact that countries can issue debt in their own currency at reasonable prices, taking advantage of a large and thick market for euro-denominated bonds.
It is not too late for Europe
Barry Eichengreen, 7 May 2010
European leaders and the IMF have badly bungled their efforts to stabilise Europe’s financial markets. They have one last chance, but success will require a radical change in mindset.
First the easy part: Greece will restructure its debt. This point is no longer controversial; the only controversy is why a restructuring was not part of the initial IMF-EU rescue package.
Is the euro a failure?
Gilles Saint-Paul, 5 May 2010
During the run-up to the monetary union, many economists were sceptical and warned that it would not work. Their argument was simple. Europe was not an optimal monetary union because it lacked both labour mobility and the fiscal mutual insurance schemes that exist in the US.
Some observations on 'political' in EMU
Francesco Paolo Mongelli, 1 May 2010
Download CEPR Policy Insight No. 47 free of charge here.
Some benefits and costs from participating in a monetary union
Francesco Paolo Mongelli, 1 May 2010
Conventional wisdom views the benefits and costs from monetary unions as straightforward. The costs are macroeconomic– reduced influence over stabilisation policy – while the gains are microeconomic – improved economic efficiency. This is the perspective taken by most comments on the Eurozone’s recent travails (see Krugman 2010). The reality is more varied.
Eurozone reform: A proposal
Jacques Melitz, 2 May 2010
CEPR Policy Insight No.48 can be downloaded free of charge here.
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