Michael Bordo, Lars Jonung, Agnieszka Markiewicz, 21 September 2011

The single European currency is the first of its kind – a union where monetary policy is decided centrally and fiscal policy decided nationally – something that many argue is the root cause of its troubles. This column looks to history to find examples of federal states with a common currency but without the frailties currently being exposed in the Eurozone. The main lesson: No bailouts.

Alan Ahearne, Juan Delgado, Jakob von Weizsäcker, 27 June 2008

Housing booms associated with credit booms are particularly damaging, but the ECB’s one-size-fits-all monetary policy is useless in pricking national bubbles. Euro area governments should use national banking regulations to dampen national bubbles and countercyclical housing taxes to prick bubbles that arise.

Peter Kenen, Ellen Meade, 07 February 2008

Many regions are discussing possible monetary unions; a new book argues that they are not in the position to replicate the European experience.

Nikolaus Wolf, Max-Stephan Schulze, 07 July 2007

Recent estimates of Habsburg Empire trade suggest that borders matter as long as ethno-linguistic networks matter. The EU needs to find a new deal on language policy, if it is to achieve a truly common market.



CEPR Policy Research