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Based on a conference held by the Italian Macroeconomic Policy Group and the Centre for Economic Policy Research, this study examines the issues raised by European monetary unification. An introduction describes recent developments and identifies the motivations for creating a European central bank. Theoretical papers analyze the interactions of capital controls, financial intermediation, and seigniorage in open economies, the optimal design of centralized banks of issue by sovereign countries, and some new aspects of the "optimal currency area" question. The volume concludes with a panel...

This text addresses the relationship between market authority and political authority - a favourite theme of Susan Strange, to whom the book is dedicated. From a survey of the bias against capital liberalization in economic thought to an analysis of the US role in global monetary affairs, it discusses how and why free capital flows contribute to the instability of the global capitalist system. The contributors analyse the history of international capital flows to make sense of contemporary global investments and what they mean for global polity and the economy. They argue over the challenges...

This text combines a theoreitcal and empirical analysis of the advantages of issuing index-linked bonds, potential problems that may arise and how sovereign issuers should deal with them.