Summary: • Alternatives to the new consensus approach to macroeconomics • Theories of monetary policy and monetary policies of the ECB • Theories of fiscal policies and fiscal policies in the EMU • Theories of wage policies and wage policies in the EMU • The Maastricht Regime and its effects on the EMU and on specific countries • EU enlargement under the conditions of the Maastricht regime • What can European policy makers learn from economic history? • Alternatives to the Maastricht regime and its elements (ECB-strategy, Stability and Growth Pact) • Comparisons of European macroeconomic policies to other countries

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