The adoption of the euro in 1999 by 11 member states of the European Union created a single currency area second in economic size only to the United States. The euro zone's monetary policy is now set by the European Central Bank (ECB) and its Governing Council rather than by individual national...

We analyze the similarities and the differences in the fragility of the European Monetary system (EMS) and the Eurozone. We test the hypothesis that in the EMS the fragility arose from the absence of a credible lender of last resort in the foreign exchange markets while in the Eurozone it was...

The book is about money, central banking and constitutions. It explains how the European Central Bank was established to ensure stability and prosperity for the euro area. The ECB was guided and controlled by a coherent European Macroeconomic Constitution. However, this model has failed during...

L'ouvrage réalise une analyse pluridisciplinaire dʹune institution devenue incontournable sur le territoire de lʹUnion européenne. Lʹaccroissement des missions confiées à la Banque centrale européenne suscite de nombreuses interrogations. Le présent ouvrage a pour ambition dʹy apporter...