EMU, four years on

Examines progress of the European Monetary Union, European Central Bank, Euro Area, and related financial and policy issues; 12 articles. Contents: The assessment: EMU, four years on, by Christopher Allsopp and Michael Artis; The European Central Bank and the Federal Reserve, by Stephen Cecchetti and Róisín O'Sullivan; Asymmetric reaction functions for the Euro Area, by Paolo Surico; The effects of monetary policy in the Euro Area, by Michael Ehrmann, Leonardo Gambacorta, Jorge Martinez-Pagés, Patrick Sevestre, and Andreas Worms; New findings on firm investment and monetary transmission in the Euro Area, by Jean-Bernard Chatelain; Andrea Generale, Ignacio Hernando, Ulf von Kalckreuth, and Philip Vermeulen; Ten commandments for a fiscal rule in the E(M)U, by Willem H. Buiter; Revisiting EMU's Stability Pact: a pragmatic way forward, by Marco Buti, Sylvester Eijffinger, and Daniele Franco; On constraining fiscal policy discretion in EMU, by Antonio Fatás and Ilian Mikov; Designing and choosing macroeconomic frameworks: the position of the UK and four years of the Euro, by Ray Barrell and Martin Weale; Wage-setting and inflation targets in EMU, by Bob Hancké and David Soskice; Complementing EMU: rethinking cohesion policy, by Iain Begg; The Euro-area financial system: stucture, integration, and policy initiatives, by Philipp Hartmann, Angela Maddaloni, and Simone Manganelli.