Over the last thirty years or so the developments in the area of monetary and macroeconomic policies have been quite substantial. Within the new consensus macroeconomics (NCM), monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of...

Within the New Consensus Macroeconomics, monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of policy under the guise of inflation targeting, an approach pursued by a number of central banks worldwide. This book raises problems...

The euro was adopted as legal tender, albeit in a virtual form, by 11 countries of the European Union on January 1, 1999, with the intention that notes and coins denominated in euros would be introduced and the national currencies would be phased out during the first six months of that year and...

This paper proposes an alternative stability and growth pact among European Union (EU) governments that would underpin the introduction of a single currency and a "single market" within the EU. The alternative pact embraces a number of new aspects of integration within the EU that are based on a...

This paper proposes an alternative stability and growth pact to the one which accompanied the introduction of the euro in January 1999. The latter is part of the third stage of economic and monetary union and, will govern the economic policies of the member countries which have joined the single...