This article explores the policy and wealth consequences of alternative institutional arrangements through which fiscal policy interacts with monetary policy in a monetary union such as the EMU. The central issue of the article is the design of the appropriate monetary and fiscal institutions...

The pandemic crisis constitutes an unprecedented challenge for the European Union and for the Euro Area. Indeed, European institutional architecture can be viewed as being half-way between an association of sovereign states (like the United Nations, for example) and a politically integrated...