This paper explores two aspects of the conduct of monetary policy under a monetary union. First, even if the preferences of policymakers over inflation and outp

Aggregate shocks that move output and inflation in opposite directions create a tradeoff between output and inflation variability, forcing central bankers to ma

The start of the European monetary union gave additional impetus to the lively debate on the effects of monetary policy and the appropriate strategy for central

This book explores the background of the eurozone crisis, outlining a number of potential solutions. It attempts to discover if the problems could have been ant