On 16th November 2009, SUERF, CEPS and the Belgian Financial Forum coorganized a conference "Crisis management at cross-roads" in Brussels. All papers in the present volume are based on contributions at the conference and the SUERF Annual Lecture which followed the event.

The age of the euro has cast central banks in a newly prominent role in European integration and in macro-economic policy making in Europe. This text examines the effects of the euro as the new European single currency on the central banks of the member states of the European Union