This book examines the slow growth and other problems experienced by the Eurozone in its early years, and the challenges which it now faces. The authors investigate the operation of monetary and fiscal policy in the Eurozone, the extent of structural reform and the reasons for it, and other topics.

ALI AL-EYD Research Officer, National Institute of Economic and Social Research (NIESR), UK CHRISTOPHER ALLSOPP Reader in Economic Policy, University of Oxford, UK MICHAEL ARTIS Professor of Economics, Manchester University, UK KATRIN ASSENMACHER-WESCHE Research Department, Swiss National Bank, Switzerland RAY BARRELL Senior Research Fellow, National Institute of Economic and Social Research (NIESR), UK ANSGAR BELKE Professor of International Economics, University of Stuttgart-Hohenheim, Germany MIROSLAV BEBLAVÝ State Secretary of the Ministry of Labour, Social Affairs and Family, Slovakia ATANAS CHRISTEV Lecturer in Economics, Heriot-Watt University, UK DAVID COBHAM Professor of Economics, Heriot-Watt University, UK JOHN DRIFFILL Professor of Economics, Birkbeck College, University of London, UK JAYASRI DUTTA Professor of Economics, University of Birmingham, UK MARCO ERCOLANI Lecturer in Econometrics, University of Birmingham, UK CARLOS FAVERO Professor of Economics, Bocconi University, Italy STEFAN GERLACH Head of Secretariat of the Committee on the Global Financial System, Bank for International Settlements, Switzerland DANIEL POPOV GOULD Morgan Stanley, New York BERND HAYO Professor of Macroeconomics, University of Marburg, Germany BERNHARD HERZ Professor of International Economics, Bayreuth University, Germany DAWN HOLLAND Research Fellow, National Institute of Economic and Social Research (NIESR), UK PHILIP R. LANE Professor of International Macroeconomics and Director of the Institute for International Integration Studies (IIIS), Trinity College, Republic of Ireland CAMPBELL LEITH Professor of Macroeconomics, University of Glasgow, UK MANFREDI LA MANNA Reader in Economics, School of Economics and Finance, University of St. Andrews, UK FABRIZIO MATTESINI Professor of Economics, University of Rome, Italy JACQUES MÉLITZ Professor of Economics, Heriot-Watt University, UK ROBERT MOCHRIE Lecturer in Economics, Heriot-Watt University, UK CHARLES NOLAN Professor of Economics, University of St. Andrews, UK LUCA ONORANTE Fiscal Analysis Division, European Central Bank, Germany GULCIN OZKAN Reader in Macroeconomics, University of York, UK ADAM S. POSEN Senior Fellow, Institute for International Economics, USA MICHAEL SUMNER Emeritus Professor of Economics, University of Sussex, UK PAOLO SURICO Research Economist, Monetary Assessment and Strategy Division of the Bank of England, UK DAVID VINES Professor of Economics, University of Oxford, UK LUKAS VOGEL Doctorate from Bayreuth University, Germany SÉBASTIEN WÄLTI Lecturer in Economics, Institute for International Integration Studies (IIIS), Trinity College, Republic of Ireland.

Introduction; D.Cobham Understanding the Link Between Money Growth and Inflation in the Euro area; K.Assenmacher-Wesche& S.Gerlach Monetary Policy Shifts and Inflation Dynamics; P.Surico Is European Monetary Policy Appropriate for the EMU Member Countries? A Counterfactual Analysis; B.Hayo Fiscal Policy, Labour markets, and the Difficulties of Inter-Country Adjustment within EMU; C.Allsopp& D.Vines The Economic Importance of Fiscal Rules; M.Artis& L.Onorante Has EMU had any Impact on the Degree of Wage Restraint?; A.Posen& D.Gould Structural Reforms and European Monetary Union: What Can a Panel Analysis for the World versus OECD Countries Tell Us?; A.Belke, B.Herz& L.Vogel The Euro and Financial Integration; P.Lane& S.Walti The Impact of the Euro Changeover on Inflation: Evidence from the Harmonised Index of Consumer Prices; M.Ercolani& J.Dutta Issues and Problems Related to Eurozone Entry of the New Accession Countries: An Analytical Review; M.Beblavy A Portfolio Based Analysis of Movements in the Euro Dollar Rate; A.Al-Eyd, R.Barrell& D.Holland