Nauro Campos, Fabrizio Coricelli, 08 July 2019

This year has seen the 20th anniversary of the euro, but so far we have not seen many articles that take stock of the accomplishments and disillusionments of the single currency, and of how to improve it. This column hopes to change this by picking and discussing 20 papers that economists and policymakers should read, or re-read, and reflect upon in this 20th anniversary year.

Stefano Micossi, 17 July 2015

The ECB’s monetary policy has evolved rapidly over the past decade – from the adoption of the euro to the recent implementation of quantitative easing. This column discusses the effectiveness of the ECB’s policies. The single currency induced pro-cyclicality in the Eurozone periphery. The failure to adequately respond to the Lehman failure placed the burden to stabilise financial markets in the Eurozone onto the ECB, which as a consequence has become the lender of last resort in Eurozone sovereign debt markets. And finally, the persistent deflation and depression convinced the ECB to adopt an expansionary monetary stance.

Pradumna Rana, 27 May 2012

Now is probably not a great time to be talking about further monetary integration – even if it is in Asia. But this column argues that the ASEAN+3 has taken a number of significant steps recently to further deepen monetary integration. The next steps should be to introduce a regional weighted currency basket and expand membership.

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