The authors offer a sustained argument that the single currency as currently implemented does not promise to deliver prolonged growth. They contend that the economic impact of the euro, and its accompanying institutions, is likely to be destabilising and deflationary; that the political impact...

Monetary policy has become firmly based on the use of interest rate as the key policy instrument, and in a one instrument-one target framework. The approach to monetary policy is closely associated with the new consensus in macroeconomics (NCM). This paper undertakes a critical appraisal of the...

In this paper we seek first to set out the economic analysis that underpins the ideas of what has been termed the "third way." The explicit mention of the "third way" is much diminished since the early days of the Blair government in the UK and the Schroeder government in Germany. We argue that...