Countries in transition often face high levels of inflation. This paper discusses two ways to reduce inflation: the creation of an independent central bank and the introduction of a currency board. It is shown that both options have advantages and disadvantages. This framework is used for a...

This volume is based on papers delivered at the second CESifo-Delphi Conferences (Munich, November 2003, and Delphi, June 2004), which are jointly organized by CESifo and the Department of International and European Economic Studies of the Athens University of Economics and Business. The...