Interpretations of the causes and implications of the EMS crisis of mid-1993 vary considerably. The following article offers a critical analysis of the most common arguments and draws conclusions for future policy.

The long-held truism that finance is always good for growth has been called into question by the global financial crisis. This article examines new evidence on the finance-growth nexus from a European perspective. More specifically, it compares the approach of many CESEE countries - i.e....