Reinventing euro-area central banks

La monnaie nationale est morte - vive la banque centrale? With national money deceased - quite literally cremated - central banks in the euro area could be forgiven a moment of identity crisis. But the euro-area monetary environment brings with it new contours to old challenges: issues that are analytically difficult and whose resolution inherently calls on powers of counsel and persuasion more than financial intervention. This article focuses on two domains: firstly, analysis and advice on

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Turkey gets a second chance

After a near crisis in 2006, the central bank and its new governor are stocking to an inflation target of 4% for end-2007. Could this be the year Turkey finally convinces the world it has achieved sustainable non-inflationary growth? Justin Keay reports

Unhappy euro hopefuls

Prospects for adopting the euro remain remote for many EU countries in Central and Eastern Europe, and in the Baltics, writes George Kopits

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