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Allocating Lending of Last Resort and Supervision in the Euro Area

Charles M. Kahn and João A. C. Santos

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0017
Subject:
Economics and Finance, Economic Systems

The Maastricht Treaty created the European System of Central Banks and the European Central Bank (ECB) to head the system. The treaty entrusts the ECB with the responsibility for monetary policy, but ... More


The International Monetary System: Living with Asymmetry

Maurice Obstfeld

in Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century

Published in print:
2014
Published Online:
September 2014
ISBN:
9780226030753
eISBN:
9780226030890
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226030890.003.0009
Subject:
Economics and Finance, International

The international monetary system faces a growing asymmetry between advanced and emerging nations, echoing the pattern of the late Bretton Woods System. Emerging countries facing the threat of ... More


The Crisis in the Euro Zone

Assaf Razin

in Understanding Global Crises: An Emerging Paradigm

Published in print:
2015
Published Online:
May 2016
ISBN:
9780262028592
eISBN:
9780262327701
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028592.003.0004
Subject:
Economics and Finance, International

The EMU by contrast is a dubious candidate for an optimal currency area because although it too trades intensively within the region, national work restrictions greatly impair intra-European labor ... More


Global Macroeconomic and Financial Supervision: Where Next?

Charles A. E. Goodhart

in Globalization in an Age of Crisis: Multilateral Economic Cooperation in the Twenty-First Century

Published in print:
2014
Published Online:
September 2014
ISBN:
9780226030753
eISBN:
9780226030890
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226030890.003.0010
Subject:
Economics and Finance, International

Two key challenges impede progress in improving oversight, one political and one analytical. The political problem is the clash between national sovereignty and policymaking and the international ... More


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