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