Prior to the occurrence of the global financial crisis, the world had faced the “global imbalance.” This refers to the growing US current account deficit and, in parallel, the growing current account surpluses in China, other Asian countries, and resource-rich nations. This status of...

This paper takes an overview over the historical paths toward the Economic and Currency Union launched in EU in the post-WWII era. Namely, it covers Snakes, European Monetary System, and establishment of the Economic and Currency Union. Moreover, the paper analyzes the uniform monetary policy...