Last weeks' dollar crisis which ended with the devaluation of the dollar emphasised once more the need for a reform of the international monetary system. It also brought to the open the necessity to reorganise the EEC monetary relations. The floating of pound and lira seems to support this case.

This paper sets out issues related to systems of financial supervision, drawing on existing practices in the member states and monetary policy in different European countries. Several trends can be distinguished which could be useful in terms of improving supervision at EU level. Firstly, there...

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...