The launch of European Monetary Union (EMU) marked the beginning of a new era, and its establishment has proved an impressive success at the technical, legal, and procedural level. After all, EMU has accelerated economic and political integration in the European Union and tied the economies of...

It is widely accepted that structural, institutional and labour market reforms are essential for the development of the OECD and emerging market economies; and that argument has been incorporated into official policy in the EU as part of the Lisbon agenda. Yet there is little analysis in the...

Early work on the theory of economic policy stressed the importance of accounting for the interactions between fiscal and monetary policy. Tinbergen, and Cooper, taught us that there would be costs in missed targets, instability, and protracted imbalances if this was not done. Yet most models we...