This paper seeks to review a selection of ten salient critical claims about Economic and Monetary Union (EMU) that were heard in the 1990s in either the Political Science literature or the Economics literature or both. In this paper, the author focuses on five salient Political Science claims...

EMU's design is seriously flawed. Monetary union was established without political union, creating a single eurozone economy that cannot be governed with the combination of macroeconomic policy instruments that modern national governments have. Its exceptionally independent central bank, the...

In 1991, the European Union undertook to form a full-fledged monetary union. It established the European Monetary Union with a European Central Bank (ECB) at its apex and a mandate to pursue price stability. The European regime differs from the US Federal Reserve System, which must pursue high...

The paper discusses the framework of ERM2 (the exchange rate mechanism of EMU, the Economic and Monetary Union) and its suitability for accession countries / advanced transition economies. It analyzes the exchange rate mechanism from two aspects. First, it considers how ERM2 regulates the...

Traditionally clustered around one leading "hegemonic" world currency, with the introduction of the euro the international monetary regime might become a "symmetric" dipolar system. This fundamental change would come at a time of already considerable uncertainty when, after the Asian, Russian...