Electronic money (e-money), as a network good, could become an important form of currency in the future. Such a development could affect monetary policy effectiveness. If an increased use of e-money substantially limits the demand for central bank reserves, this limitation would require changes...

The recent Global Crisis are posing challenges to the stability of the European Monetary Integration process. The pillar of the European Monetary Integration is the evolution of the European Monetary Union (EMU). Being the EMU the establishment of a currency union, such as international...

The aim of this paper is to use a behavioural political economy approach to revise the standard approach of optimal currency areas, and applying it to the Eurozone case. We discuss the pros and cons of the Euro membership if behavioural biases - prospect theory - influence the citizens and...

"The past twenty years have seen two waves of research on currency unions, prompted by the early experience of the European Economic and Monetary Union and by the existential crisis experienced by the euro area as a part of the global financial crisis. Alongside an original introduction, this...

Recommended readings (Machine generated): 1. Harris Dellas and George S. Tavlas (2009), 'An Optimum-Currency-Area Odyssey', Journal of International Money and Finance, 28 (7), November, 1117-37 -- 2. Alberto Alesina, Robert J. Barro and Silvana Tenreyro (2002), 'Optimal Currency Areas', NBER...