In a time of global crisis, international policy coordination is quite natural. Yet, in normal times such coordination becomes a challenge. This is an issue especially when it comes to monetary and macroprudential policy of globally influential countries. This is especially relevant now with the...

The sovereign debt crisis that has now been troubling the euro area for nearly three years originated as part of the scenario of the global financial turbulence that started in the summer of 2007, but it is characterised by specific causes and peculiar problems. The efforts to diagnose its...