This paper demonstrates that all of the currency options available to an independent Scotland come with the price tag … sterling currency will end with a speculative attack and currency crisis which would costs Scotland alone anything in the …

In this paper we suggest that Eurozone countries face a policy trade-off among: 1) a common rule imposing co … conclude that the intense fiscal rules that have been introduced in the Eurozone after the emergence of the debt crisis reduced …

combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary …

The theory of optimal currency areas states that a currency union may succeed if the participating countries have …

We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone … foreign exchange markets while in the Eurozone it was the absence of a lender of last resort in the long-term government bond … Eurozone the roles were reversed. The national central banks that became part of the Eurosystem were strengthened. This came at …