Aims and Scope of the journal Economic & Financial Review


The economics profession has divided itself into three groups:
(i) the public sector economists
(ii) the private sector economists with each group tending to have its own ethos and beliefs.

While there is one economics discipline, each class of economists has its own ideologies, modes of thinking and methodologies. In practice, there is little interaction or close links among the three. Economic and Financial Review aims to provide a medium for enabling and enhancing communications among the three groups.

The journal will include contributions from all sides of the profession – portraying the state of the art as well as presenting the new thinking, developments, directions, emerging techniques and their applications in the area of economics and finance. The journal will address issues related to decisions, timing and implementation of alternative policies at government level. It will also concern itself with the problems, consequences and necessary steps for the reversal of a given policy when it fails to produce the desired results.

The journal, in addition, addresses the difficulties facing the market decision makers, in effect, “the policy-takers” who need to incorporate into their forecasts government actions.

Finally, it is intended that the periodical will aid in removing the isolation that currently exists among the different groups so that the new theories that are formulated will be more in tune with the real workings of the economy, and guide the practitioners.


Among the articles published in Economic & Financial Review have been:


  • Emerging Economies in a New Global Cycle: Central Bank Perspectives
    Javier Guzman Calafell, Deputy Governor, Bank of Mexico
  • The Renminbi as a Global Reserve Currency
    Javier Guzman Calafell, Deputy Governor, Bank of Mexico
  • The Euro-area Economy: On the Road to Recovery and Reform?
    Olli Rehn, European Central Bank Governing Council Member & Governor, Bank of Finland
  • Europe, EMU and the Banks
    Olli Rehn, European Central Bank Governing Council Member & Governor, Bank of Finland
  • The Road to Exiting the EU: Impact on the UK Economy and Outlook
    H. Scobie, Chairman, European Economics & Financial Centre
  • A Life Close to the Centre
    Lars Rohde, Governor, National Bank of Denmark
  • How to Restructure Venezuelan Debt
    Lee C. Buchheit, Cleary Gottlieb, Steen & Hamilton, New York, and G. Mitu Gulati, Duke University Law School, Durham, North Carolina
  • Thoughts on Europe: Its Future Outlook and Challenges Facing the Banking Sector
    Luigi Federico Signorini, Deputy Governor, Bank of Italy
  • Exit from the European Union
    Paul Oscar, European Economics & Financial Centre
  • China’s New Economic Policy: Changing Analytical Conditions for Financial Markets and Corporations
    Hubert Fromlet, Linnaeus University, Sweden
  • Banking Deserts, Branch Closings, and Soft Information
    Donald Morgan, Maxim Pinkovsky and Bryan Yang, Federal Reserve Bank of New York
  • The U.S. Economic Outlook and Monetary Policy
    Loretta J. Mester, President, Federal Reserve Bank of Cleveland
  • The Impact of Diverging Monetary Policies on Emerging Markets
    Daniel Mminele, Deputy Governor, Reserve Bank of South Africa
  • “Work Ticket” Scheme for Employment Creation and Growth: A Proposal
    H. Scobie, Chairman, European Economics & Financial Centre
  • Banking Union and Financial Integration in the European Union
    Vitas Vasiliauskas, Governing Council Member, European Central Bank, & Governor, Bank of Lithuania
  • Economic Outlook for the Asia-Pacific Region
    Paul Sheard and Paul F. Guenwald, Standard & Poor’s, New York
  • Overcoming Economic Challenges in Europe: the Way Forward
    Ilmars Rimsevics, Governing Council Member, European Central Bank, & Governor, Bank of Latvia
  • The Global Financial Crisis and the Indian Financial Sector
    Duvvuri Subbarao, Governor, Reserve Bank of India
  • Preserving the Credit of the Sovereign through a Financial Sector Meltdown: The Case of Iceland
    Mar Gudmundsson, Governor, Central Bank of Iceland
  • The Shape of Financial Markets Post Financial Crisis
    Nancy Metcalf & Roy Cable, European Economics & Financial Centre
  • Growth Strategy and Consumption Tax in Japan
    Paul Sheard, Standard & Poor’s, New York
  • Policy Challenges Facing the Euro-Area Economy
    Luc Coene, Governor, National Bank of Belgium
  • Completing the Euro Project: the Day after Tomorrow
    Jose Manuel Gonzalez-Paramo, European Central Bank Executive Board Member
  • The Cost of Euro Break-Up
    Stephane Deo, Paul Donovan & Larry Hatheway, UBS
  • Relevant Policies in Managing a Sovereign Debt Crisis
    Stephen James, European Economics & Financial Centre
  • Preventing Spillovers on the Global Economy
    Jean-Claude Trichet, President, European Central Bank
  • Economic and Monetary Union: Lessons from the Recent Crisis
    Erkki Liikanen, Governing Council Member, European Central Bank & Governor, Bank of Finland
  • 2010: A Progress Report on the UK Economy and Monetary Policy
    Spencer Dale, Member of Monetary Policy Committee, Bank of England
  • UK Monetary Policy: How Long Should “the song remain the same?”
    Andrew Sentence, Member of Monetary Policy Committee, Bank of England
  • The ECB’s Actions during the Recent Crisis and the Policy Elements Needed for a Sound Recovery
    Gertrude Tumpet-Gugerell, Executive Board Member, European Central Bank
  • The Financial Crisis and the Role of Austrian Banks in CESEF
    Ewald Nowotny, Governing Council Member, European Central Bank & Governor, National Bank of Austria
  • Non-standard Monetary Policy: Five Questions about the Exit
    Jose Manuel Gonzalez-Paramo, Executive Board Member, European Central Bank
  • Can We Ensure that Global Banks Do Not Create Global Problems?
    Eric Rosengren, President and Chief Executive Officer, Federal Reserve Bank of Boston
  • How to Prevent a Systematic Financial Failure
    James Ponty, European Economics & Financial Centre
  • Exit Strategy for the Federal Reserve
    James Bullard, President, Federal Reserve Bank of St. Louis
  • Sovereign Wealth Funds and Global Imbalances
    Sir John Gieve, Deputy Governor, Bank of England
  • The Role of Central Banks in Credit Markets
    Jeffrey M. Lacker, President, Federal Reserve Bank of Richmond
  • The U.S. Sub-prime Crisis and its Implications for Europe
    Hubert Fromlet, Blekinge Institute of Technology, Sweden
  • Perspectives on the U.S Economy
    Gary H. Stern, President, Federal Reserve Bank of Minneapolis
  • Foreign Reserve Accumulation: Some Systemic Implications
    Christian Noyer, Governor, Bank of France
  • Milton Friedman and Money Stock Control
    William Poole, President, Federal Reserve Bank of St. Louis
  • Corporate Cash Balances and Economics Activity
    Kevin M. Warsh, Member, Board of Governors of the Federal Reserve System
  • Economic Development in the African Region: Liquidity versus Yield
    Razia Khan, Standard Chartered Bank, London, UK
  • Fiscal Policies and Financial Markets in Economic Monetary Union
    Jose Manuel Gonzales-Paramo, Member of the Executive Board, European Central Bank
  • Business Capital Spending
    Donald L. Kohn, Vice Chairman, Board of Governors of the Federal Reserve System
  • Assessing Economic Upturns and Downturns in Business Cycles
    H. Scobie, Chairman, European Economics & Financial Centre
  • Developments in the U.S Labour Market
    Michael H. Moskow, President and CEO, Federal Reserve Bank of Chicago
  • The U.S. Economic Outlook: Under an Inflation Watch?
    Thomas M. Hoenig, Member, Board of Governors of the Federal Reserve System
  • India versus China: Who Will Be the Winner in the Long Run?
    Hubert Fromlet, Chief Economist, Swedbank, Stockholm, & Professor, Blekinge Institute of Technology and Baltic Business School, Kalmar,
  • Sweden
  • Distressed Borrowers and Best Practice in Italy and France
    Edward Eyerman, Stefano Podesta, Giulio Lombardi and Elisabetta Zorzi, Fitch Ratings, New York
  • The Irish Presidency of the EU: Acceptance Speech for the Award Presented by the European Economics and Financial Centre
    Bertie Ahern, Prime Minister of Ireland
  • A Framework for Stability in Europe
    Otmar Issing, Member of the Executive Board, European Central Bank
  • On Enlargement of the European Union: the Hungarian Experience
    Peter Adamecz, Deputy Governor, Central Bank of Hungary
  • The Polish Way: From Big Bang Reform to European Union Membership
    Krysztof Rybinksi, Deputy Governor, National Bank of Poland
  • The Run to China: Another Example of Herd Behaviour?
    Hubert Fromlet, Chief Economist, Swedbank, Stockholm & Professor, Blekinge Institute of Technology, Sweden
  • Strategic Issues for China’s Economy
    Sean M. Dougherty, OECD Centre for Co-operation with Non-Members, Paris
  • The Euro: Five Years Later
    Ben S. Bernanke, Board of Governors of the Federal Reserve System
  • Asian Economies: Meeting the New Global Challenges
    M. R. Pridiyathorn Devakula, Governor, Bank of Thailand
  • Co-operation and the Conduct of Economic Policy
    David Dodge, Governor, Bank of Canada
  • Benefit-Cost Analysis in the Public Policy Process
    Edward M. Gramlich, Member, Board of Governors of the Federal Reserve System
  • Bank Failure and the Payment System
    Thomas Floden, Riksbank (Central Bank of Sweden)
  • Improving the Efficiency of Primary and Secondary Markets
    Peter R. Fisher, Under Secretary, Domestic Finance, U.S. Treasury
  • Gains from Effective Diversification
    John Liddington, European Economics & Financial Centre
  • The Role and Functioning of the Euro in Global Financial Markets
    Alison Manning, European Economics & Financial Centre
  • The Euro Moves East
    Hubert Fromlet, Chief Economist, Swedbank, Stockholm, & Professor, Blekinge Institute of Technology, Sweden
  • Investor Relations: Drivers for Change
    Richard Bowler, Chairman, Investor Relations Society
  • Enlargement: Seizing the Opportunity
    Siim Kallas, Prime Minister of Estonia
  • Financial Stability in Sweden and the Euro
    Jonas Niemeyer, Riksbank (Central Bank of Sweden)
  • Latvia for Europe and Europe for Latvia
    Andris Berzins, Prime Minister of Latvia
  • EU Enlargement: a Win-Win Undertaking
    Algirdas Brazauskas, Prime Minister of Lithuania
  • Ratification of the Treaty of Nice and the Irish Referendum: Recent Experience and Future Prospects
    Gerry Hickey, Advisor to the Prime Minister of Republic of Ireland
  • The Euro and its Prospects following the Launch of the Notes and Coins
    Jean-Claude Trichet, Governor, Bank of France
  • Financing Community Development in Inner City America
    William J. McDonough, President and Chief Executive Officer, Federal
    Reserve Bank of New York
  • On Capital Adequacy Framework
    Thomas R. Fisher, Board Member, Deutsche Bank, Frankfurt
  • The Japanese Financial System in the New Environment
    Shinichi Yoshikuni, Bank of Japan
  • Capital Markets Development in the Countries of Central and Eastern Europe
    H. Gronkiewicz-Waltz, Vice President European Bank for Reconstruction and Development (EBRD), London
  • On the Insurance Function of Fiscal Policy in a Monetary Union
    Oscar Bajo-Rubio and Carmen Diaz-Roldan, Public University of Navarra, Spain
  • Analysis and Evaluation of Corporate Bonds
    Claus Huber & Helmut Kaiser, Deutsche Bank, & Christoph Klein, Deutsche Asset Management, Frankfurt
  • Is the Single Market Delivering?
    Romano Prodi, President, European Commission
  • World-Wide Tendencies in Financial Systems
    Jean Claude Trichet, Governor, Bank of France
  • Key Developments and Prospects of the Irish Economy
    Bertie Ahern, Prime Minister of Ireland
  • The U.S. and Japanese Economies: Reflections of a Central Banker
    Masaru Hayami, Governor, Bank of Japan
  • How Stimulative are Monetary Conditions in Europe and the US?
    Bert van den Berg and Arlan Meulen Broek, ABN AMRO Bank, The Netherlands
  • Europe’s Upturn in Growth and Structural Unemployment
    Elizabeth Legge, Bank Gesellschaft Berlin, Germany
  • European Bond Indices as a Benchmark for Euroland Bond Portfolios: an Overview and Evaluation
    Helmut Kaiser, Deutsche Bank AG, Frankfurt
  • The Fall and Rise of the Czech Economy
    S. Gibbs and K. Saroukhanian, Nomura International, London
  • A Global Single Currency: The Inevitable Direction
    H. Scobie, Chairman, European Economics and Financial Centre
  • Securitisation: Potential within the Italian Financial System
    G. De Felice, F. Guelpa, & A. Dal Colle, Banca Commerciale Italiana, Milan
  • Corporate Bond Markets and the Euro: Changes can already be seen
    Philippe Ithurbide, Societe Generale, Paris, France
  • Collateral Management in the Euro zone: the European Central Bank’s View
    J. M. Godeffroy, Director General, Payment Systems, European Central Bank
  • Monetary Union and European Securities Markets Implication for Multilateral Issuers
    Jon Sigurdsson, President and CEO, Nordic Investment Bank, Helsinki, Finland
  • The Implication of EMU for EFTA Countries
    Mar Gudmundsson, Governor, Central Bank of Iceland
  • The Relationship of the Yen and Future Euro
    Shinichi Yoshikuni, Bank of Japan
  • Challenges of Monetary Policy in the run-up to European Union Accession
    Judit Nemenyi, National Bank of Hungary
  • Closer European Integration And The Consequences Of The Single Currency
    Antonio Guterres, Prime Minister Portugal
  • Management of Economic Policies in the Euro Zone
    Jean-Luc Dehaene, Prime Minister of Belgium
  • The Euro in the Global Financial Market
    Christian Noyer, Vice President, European Central Bank
  • EMU and Co-ordination of Economic Policies
    Paavo Lipponen, Prime Minister of Finland
  • Reserve Management with the Birth of Euro
    H. Scobie, Chairman, European Economics and Financial Centre
  • US Perspective on the Dollar and the Future Euro
    William J McDonough, President, Federal Reserve Bank of New York
  • Sweden and EMU
    Erik Asbrink, Minister of Finance of Sweden
  • Euro Entry into the UK led by British Industry
    Colin Marshall, President, Confederation of British Industry, UK
  • The Challenge of the Euro for Europe
    Hans Tietmeyer, President, Deutsche Bundesbank, Germany
  • Crisis of the Emerging Financial Markets: Some Lessons from the Mexican Experience
    Jose Julian Sidaoui, Deputy Governor, Central Bank of Mexico
  • Banking Sector Restructuring in Yugoslavia
    Djordje Djukic, Council Member, National Bank of Yugoslavia
  • EMU Impact upon the Major Financial Markets
    Antonio de Sousa Franco, Minister of Finance, Portugal
  • Frankfurt as a Financial Center of Europe
    Ernst Welteke, Council Member, Deutsche Bundesbank, Germany
  • The Rationale of EMU for the Financial Markets European Citizens
    Jean-Luc Dehaene, Prime Minister, Belgium
  • The European System of Central Banks: A Profile
    W.F. Duisenberg, President, European Monetary Institute, Frankfurt
  • EMU Impact on Financial Markets, Banking and other Financial Activities: The Perspective of Small Countries
    Antonio de Sousa, Governor, Bank of Portugal
  • The Introduction of the Euro: A German View
    G. Michael Roeskau, Deputy Director General, International Monetary and Financial Relations, Federal Ministry of Finance, Germany
  • Preparing for a Single European Currency and its Consequences
    Helmut Schieber, Member of the Directorate of the Deutsche Bundesbank, Frankfurt
  • Germany as a Financial Centre
    Uwe E. Flach, Member of the Board of Managing Directors, DG Bank, Frankfurt
  • Minimising Systematic Risk: a Global Perspective
    David Pritchard, Head, Markets and Exchange Division, Securities and Investment Board, London, UK
  • Global Capital-raising through Bonds and Equities
    Robert B. Gray, Vice-Chairman, International Primary Markets Association
  • Intermarket Relation: Derivatives and Cash Markets
    Mary L. Schapiro President, NSAD Regulation, Inc.
  • The Open Gilt Repo Market: A Progress Report
    Peter B. D’Amario, BZW Capital Markets, London, UK
  • Taxing Interest Income in Integrated Capital Markets: Some Lessons from Recent Experience
    Lorenzo Pecchi, Council of Experts, Italian Treasury
  • The Operation of Exchange Rate Policy in Stage Three of EMU
    Alexandre Lamfalussy, President, European Monetary Institute
  • On Sovereign Risk
    Lawrence Lindsey, Governor, US Federal Reserve Board
  • Adhering to the Convergence Criteria: the Case of Portugal
    Vitor Bento, Director General, Portuguese Treasury
  • The Road to EMU: an EIB Perceptive
    Phillipe Szymczak, European Investment Bank
  • Austria on the Way to EMU
    Dietmar Spranz, Executive Director, National Bank of Austria
  • EMU and the Outlook for European Interest Rates
    Michael Feeny, Sumitomo Bank, London
  • The Single Currency
    The Rt Hon Lord Kingsdown KG (Former Governor of the Bank of England),
    House of Lords, UK
  • The United Kingdom and Europe
    Quentin Davies, Member of Parliament, UK House of Commons
  • The Cost and Timescale for the Switchover to the European Single Currency
    H. Scobie, Chairman, European Economics and Financial Centre
  • EMU: the Obstacle Race to Success
    Philippe Maystadt, Deputy Prime Minister & Minister of Finance and Foreign Trade, Belgium
  • Finland on the Way to the EMU
    Arja Alho, Minister of Finance, Finland
  • On Some Prerequisities for a Successful Currency Area
    Albert Ando, University of Pennsylvania
  • Some Thoughts on the Monetary Framework in EMU
    A.F.P. Bakker, Deputy Director, Central Bank of Netherlands
  • The International Competitiveness of European Manufacturing: Evidence from Cost and Price Measures
    Jozef Van’t dack, Bank for International Settlements, Basel, Switzerland
  • The Role of Central Bank in Developing Financial Markets in Small Economics
    Eirikur Gudnason, Governor, Central Bank of Iceland
  • Financial System in Transition: The Case of Malta
    Francis Vassalo, Governor, Central Bank of Malta
  • Monetary Integration in Europe: Past, Present and Future
    Helmut Schlesinger, Former President, Deutsche Bundesbank
  • The Advantages of EMU
    Jacques Santer, President, European Union
  • The Convergence Criteria for EMU: Do they require revisions, or a more flexible interpretation?
    Michel Sapin, Monetary Policy Council, Bank of France, & Former French Finance Minister
  • The Role of the Securities Markets within the Economic Fabric of the European Union
    E. Israel, President of the Federation of European Stock Exchanges & Chairman of the Board of Directors of the Luxembourg Stock Exchange
  • Perspectives for Monetary and Financial Markets Policy from the Viewpoint of a New Member State
    Dietmar Spranz, Executive Director, National Bank of Austria
  • The Belgian Franc and the EMU
    J.J. Rey, Board Member, National Bank of Belgium
  • The ECU in the Operations of European Investment Bank
    C. Bruck, Vice President, European Investment Bank
  • Monetary Policy and Financial Stability in Developing Economics
    Chris Stals, Governor, Reserve Bank of South Africa
  • Swiss Monetary Policy in the European Environment
    Jean Zwahlen, Member of the Governing Board, Swiss National Bank
  • The Role of Central Bank Independence: A Point of View from the Spanish Experience
    Jose Luis Malo de Molina, Director General, Bank of Spain
  • Does Debt Management Matter? A Market-Oriented Response from the Italian Case
    Lorenzo Pecchi, Council of Experts, Italian Ministry of Treasury & Gustavo Piga, Univeristy of Rome “La Sapienza”, Italy
  • World at the Turn of the Century
    Paul Samuelson, Massachussetts Institute of Technology
  • World Economics Outlook
    Stanley Fischer, Massachussetts Institute of Technology
  • Italy’s Current Macroeconomic Situation.
    Luigi Spaventa, Universita Rome “La Sapienza”, Italy
  • Italian Problems and Prospects
    Rudiger Dornbusch, Massachussetts Institute of Technology
  • A Note on Italian Debt Sustainability
    Umberto Cherubini and Rony Hamaui, Banca Commerciale Italiana, Milan
  • Transition in Poland
    Olivier Blanchard, Massachussetts Institute of Technology
  • Education, Income Distribution and Growth: The Local Connection
    Roland Benabou, Massachussetts Institute of Technology
  • German Monetary Policy and the Role of the Bundesbank in the ERM
    Bernd Goos, Head, Foreign Department, Deutsche Bundesbank
  • Current Issues in Reserve Management
    William A. Allen, Head, Foreign Exchange Division, Bank of England
  • The Macroeconomic Consequences of Federal Borrowing and Deficit Reduction
    David Reifschneider, Board of Governors of the Federal Reserve System, Washington DC
  • Polish Reforms: Transforming the Economic System in Poland
    Hanna Gronkiewicz-Waltz, President, National Bank of Poland
  • Managing Economic Co-operation Among Nation States
    H. Scobie, Chairman, European Economics and Financial Centre
  • The EMS Seen from Amsterdam
    Coen Voormeulen, Central Bank of Netherlands