Comments on the Papers by Melitz et al., Eichengreen, Fratianni and Hasukrecht, Savona and Maccario, and Dal Bosco

Let me start with a broad discussion on the general topic of the conference, which is “ideas for the future of the international monetary system,” and then come to a more focused discussion of the euro and the European Central Bank (ECB). I will discuss the papers as I go along, drawing on their results to emphasize my points. I would also like occasionally to refer to the Nordic and Asian crises.