This article takes stock of the literature and debate over European monetary unification. In contrast to other papers, where it is argued that the issues and prospects remain shrouded in uncertainty, I argue that in a number of important areas, a reasonable degree of consensus now exists, as the...

In this paper, we apply the optimum currency area (OCA) criteria to assess the suitability of whether the US, Japan or China would best serve as the monetary anchor country for East Asian countries. The OCA criteria used are trade openness, business cycle synchronisation, real exchange rate...

In an economy with large wage setters (like industry unions), the monetary regime affects the trade-off between consumer real wages and employment and profits faced by the wage setters. This paper shows that an exchange rate target, including participation in a monetary union, is likely to...

Macroeconomic convergence is critical for member states to achieve the level of harmonization required for establishing a stable and resilient monetary union. The East African Community (EAC) member states, therefore, established set targets for macroeconomic convergence, intending to eliminate...

Chapter 1. Introduction -- Chapter 2. Peel’s economic-policy regime change in Britain during the early nineteenth century -- Chapter 3. The ideas and policies of the Banking School -- Chapter 4. The crises of 1825 and 1837 -- Chapter 5. The 1847 Crises -- Chapter 6. The 1857-58 crisis, etc.