The theory and practice of economic governance in EMU revisited: What have we learnt about commitment and credibility?

Abstract:

This special issue asks commentators who made seminal contributions to our understanding of economic governance to revisit their analyses. This introductory article discusses the example of a major contribution, namely the 'advantage of tying one's hands' (Giavazzi and Pagano, 1988), relating it to the other contributions along the way.

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