Bordo, Michael D.; Jonung, Lars - 2021
The creation of EMU and the ECB has triggered a discussion of the future of EMU. Independent observers have pointed to … policy guidelines for the ECB, the absence of central co-ordination of fiscal policies within EMU, unduly strict criteria for … a number of shortcomings or hazard areas' in the construction of EMU, such as the absence of a central lender of last …