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In recent years, many countries have instituted monetary reforms aimed at improving anti-inflation credibility. Is it a problem, however, that international welfare spillover effects seldom receive much consideration in the design of monetary reforms...

The evidence presented here suggests that European Monetary System has indeed coincided with more predictable exchange rates (nominal and real) between France, Germany and Italy. But if increased monetary policy coordination is the main explanation, then...

The euro has had some marked successes over its first five years included the marked deepening of euro bond markets which has benefited the entire world. But at the same time, the pain has probably outweighed the gain as Europe still remains far from an...