Monetary sovereignty and its surrender -- Institutional developments to promote monetary stability -- Institutional design of supervision -- Banking crises and stability of the financial system -- Monetary and financial law reform in emerging economies -- History of monetary integration in...

We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the foreign exchange markets while in the Eurozone it was...