My aim is to examine the implications of monetary union for macrofinancial stabilisation policies at national and area-wide levels. The boom-bust-crisis-recovery cycle that the euro area has experienced over its first two decades has revealed the costs of national and international institutional frameworks that proved inadequate to manage the policy challenges of this period. After the crisis, much has been done to remedy these policy shortfalls, even if the reform agenda is far from complete. National and area-wide policymakers should make use of the improved institutional architecture to do a better job in terms of ex-ante risk management and ex-post crisis management.

中文翻译：

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宏观金融稳定与欧元

我的目的是在国家和地区范围内研究货币联盟对宏观金融稳定政策的影响。欧元区在头二十年经历的繁荣-萧条-危机-恢复周期表明，国家和国际体制框架的成本被证明不足以应对这一时期的政策挑战。危机过后，即使改革议程还远远没有完成，也已经做了很多工作来弥补这些政策缺陷。国家和地区政策制定者应利用改进后的机构架构在事前风险管理和事后危机管理方面做得更好。