With twelve new members the decision making in the European Union via intergovernmental cooperation will become ineffective. In order to avoid a Stagno-Europe the EU has a choice: Either it looks for the very essentials in the common institutional frame or the member states agree in ceding...

In this book, experts in international economics analyze the synchronization of business cycles and their volatility. Based on this, they discuss the need and feasibility of internationally coordinating monetary, fiscal, and exchange rate policies