The paper examines systemic changes in monetary policies in Europe that have played a pivotal role in containing inflation. It emphasizes the connection between the systemic evolution of monetary policies and the precepts of the original as well as the new generation policy models prescribed by the ‘Washington Consensus’. It further underscores the importance of key criteria of optimum currency area (labor mobility, trade openness, symmetric consumer preferences and political integration) for viability and further future enlargement of the euro area. For the candidates to the euro flexible inflation targeting policies that encompass the euro-convergence parameters are suggested.
Orlowski, L. T. (2007, June). Monetary policy and inflation in the European Monetary Union: Perspectives and lessons [Paper presentation]. A New Humanism for Europe: the Role of Universities, Rome.