3.2 Reforms in the institutional setting of the EMU to improve economic policy coordination, convergence and risk sharing The adjustment mechanism within the EMU should be facilitated by ensuring that it works both for countries with sustained external deficits and for those with sustained external surpluses.
*  *  *  The paper is extremely interesting and stimulating. I will not discuss all the arguments, but will rather focus on a few issues, mainly related to monetary policy, given my comparative advantage.