The main aim of this conference is to take stock of the latest research on the economics of exchange rate adjustment. Economists and policymakers have been discussing for quite a while whether and how far the exchange rate is an effective shock absorber or a source of macroeconomic and financial...

The decision of the UK to leave the EU has given rise to a fundamental debate about the future of political and economic integration in Europe. In this debate the concept of a multi-speed Europe is finding increasing support. But a multi-speed Europe suggests that all countries are heading in...

Economic performance in the euro area has been very heterogeneous since 2010. Intra euro-area real exchange rates, however, have not adjusted very much during the last six years. This is arguably a major cause of the euro area's current woes. Yet, to date, there is no consensus as to why there...

Papers presented address topics such as the role of capital flow management measures as a policy instrument and their spillovers, the role of banks in international business cycles, exchange rate policy, and international debt deleveraging.

Topics: • Payments and monetary stability • Payments and the macroeconomy • Systemic risk in payments • The future of payments • Recent developments in market infrastructure • Recent developments in payment economics • The role of central banks in payments