Topics: - Reforming the Stability and Growth Pact - Financial stability of the EMU - The role of ECB - Fiscal imbalances and sovereign default in the EU - Debt consolidation strategies - Dealing with Current Account Imbalances - The role of EURO in the emerging world monetary system

Central bank communication and governance questions have taken on greater importance and, as a result, these institutions have become more transparent. While the appeal of greater transparency is seemingly evident, how transparency improves the conduct of monetary policy is subject to differing...