This topic has not featured prominently in the speeches given by central bankers in recent
decades. But the escalating financial crisis since last autumn has pushed the theme to centre …

This paper discusses why previous literature has found little evidence of any effect of exchange
rate variability on international trade. Methodological and statistical issues are discussed…

… Lorenzo Bini Smaghi argues in this book that the crisis reflects the inability of western
democracies to solve problems that have been building for over two decades. He finds that …

This article provides an overview of the practical problems which arise in ensuring the
effective independence of central banks in the EU, drawing on the European Central Bank's …

Although Europe’s external representation in the field of economic policy is the subject of
ongoing discussions, progress is being achieved at a very slow pace. There are two main …

The article analyses the effect of the move to EMU on the procedures through which co‐operation
between authorities in charge of budgetary and monetary policy takes place. The first …

2 See, for instance, CE Walsh (2009),“Using Monetary Policy to Stabilize Economic Activity”,
paper presented at the 2009 Jackson Hole Conference. In my remarks I will focus on the …

Today, the European Council is expected to endorse significant changes to the institutional
set-up for financial supervision and regulation in the European Union. Undoubtedly these …

Financial stability is a fundamental requisite for sustainable economic growth. It is at least
as important, if not more so, than price stability. Without financial stability, economic activity …

This article examines the rationale for consolidating EU Member States' position in the
International Monetary Fund (IMF). Although a substantial amount of co‐ordination already takes …