The advanced economies — financial crisis that began in 2007 was triggered by factors that could not have been easily foreseen but also by factors that had been familiar since the Great Depression but were ignored or forgotten. However, once the crisis was apparent, central banks of the major...

The European single currency, the euro, has become a visible and successful token of Europeans' drive towards unification. It was born in an era in which high-speed structural change tests the validity of economic models and defies searches for standard policy recipes. Like all central banks,...