The Europeans advanced their plans for regional monetary and economic integration.

There has always been a close relationship between European monetary integration and global problems.

First, stronger eurozone wide supervision should reinforce financial integration, mitigate macroeconomic imbalances, and improve the conduct of monetary policy.

First, do not rush the process of financial and monetary integration and, second, develop adequate institutional frameworks before proceeding.

Given that financial integration is particularly strong within the monetary union, putting the ECB in charge was an obvious choice.

But they assumed that, over time, monetary unification would create momentum for national reforms, further economic integration, and some form of political unification.

That was because France and Germany, the principal protagonists in the drama of monetary integration, had different visions of how the problem should be solved.

The Treaty must lay down the legal and organizational prerequisites for achieving increased integration with a view to forming an economic, monetary and political union

The eurozone s difficulties, I have long argued, stem from European financial and monetary integration having gotten too far ahead of actual political, fiscal, and banking union.

60. In addition to CABEI, subregional integration institutions that have received support include the secretariat of the General Treaty of Central American Economic Integration (SIECA), the Central American Monetary Council (CMCA), CCAD and the Central American Institute of Public Administration (ICAP).

Monetary Mystification

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China s Monetary Sterilization

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Unlike others, such as my Harvard colleague Martin Feldstein, who argue that Europe is not a natural monetary area, I believed that monetary union made perfect sense in the context of a broader European project that emphasized as it still does political institution building alongside economic integration.

I don t think monetary policy, even unorthodox monetary policy, can do the job.

SEOUL East Asia could learn two valuable lessons from the eurozone crisis. First, do not rush the process of financial and monetary integration and, second, develop adequate institutional frameworks before proceeding.

China s Monetary Policy Surprise

China s Monetary Policy Choice

Africa s Misplaced Monetary Ambitions

Europe s Monetary Cordon Sanitaire

The New Monetary Disorder

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Monetary and Financial Cooperation

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