Edited by Ewald Nowotny, former Governor, Doris Ritzberger-Grünwald, Director and Helene Schuberth, Head of Division, Oesterreichische Nationalbank, Austria

• Contents:PrefaceEwald Nowotny, Doris Ritzberger-Grünwald and Helene SchuberthPART IFRAMING THE DISCUSSION ON REBALANCING CHALLENGES1. European Investment to Support CESEE and Euro Area CountriesEwald Nowotny2. The Rebalancing Challenge in EuropeJ. Bradford Delong3. Mid-Term Growth Perspectives for CESEEMarek Belka4. Rebalancing the CESEE Economies: A Crucial Agenda for Future YearsSir Suma ChakrabartiPART IIBALANCE SHEET ADJUSTMENTS AND ECONOMIC GROWTH5. Fighting Balance Sheet Recessions: A Japanese Lesson for the Euro ZoneRichard C. Koo6. Post-Crisis Recovery in Slow-Motion Mode: The Role of the Non-Financial Corporate SectorMartin Gächter, Martin Geiger, Florentin Glötzl and Helene Schuberth7. Private and Public Sector Deleveraging in the EUJan In't Veld, Peter Pontuch and Rafal RaciborskiPART IIIMACROECONOMIC ADJUSTMENTS AND ECONOMIC INEQUALITY8. External Rebalancing: Is it Cyclical or Structural?Daniel Gros9. Macroeconomic Imbalances and Economic Inequality in CESEEMario Holzner10. Inequality, the Crisis and StagnationTill van TreeckPART IVTHE FUTURE OF (CENTRAL) BANKING IN EUROPE11. The ECB, the Banks and the SovereignsLukrezia Reichlin12. Europe's Banking Union: Glass Half Full or Glass Half Empty?Thorsten Beck13. What can Monetary Policy Achieve, and What is the Relation between Monetary Policy and Financial Stability?Lars E.O. SvenssonPART VREGIONAL PERSPECTIVES ON MONETARY POLICY ISSUES: DILEMMAS AND TRADE-OFFS14. Policy Trade-offs in CESEE and ElsewhereRaimondas Kuodis15. A Central Bank's Dilemmas in Highly Uncertain Times: A Romanian ViewDaniel Daianu16. A Monetary Financial Framework of the Central Bank of Montenegro: Is Financial Stability a Feasible Central Bank Goal?Nikola Fabris17. Inflation Targeting and Use of the Exchange Rate as a Monetary Policy Instrument: The CNB ExperienceMiroslav SingerIndex

Edited by Ewald Nowotny, former Governor, Doris Ritzberger-Grünwald, Director and Helene Schuberth, Head of Division, Oesterreichische Nationalbank, Austria

• Contents:PrefaceEwald Nowotny, Doris Ritzberger-Grünwald and Helene SchuberthPART IFRAMING THE DISCUSSION ON REBALANCING CHALLENGES1. European Investment to Support CESEE and Euro Area CountriesEwald Nowotny2. The Rebalancing Challenge in EuropeJ. Bradford Delong3. Mid-Term Growth Perspectives for CESEEMarek Belka4. Rebalancing the CESEE Economies: A Crucial Agenda for Future YearsSir Suma ChakrabartiPART IIBALANCE SHEET ADJUSTMENTS AND ECONOMIC GROWTH5. Fighting Balance Sheet Recessions: A Japanese Lesson for the Euro ZoneRichard C. Koo6. Post-Crisis Recovery in Slow-Motion Mode: The Role of the Non-Financial Corporate SectorMartin Gächter, Martin Geiger, Florentin Glötzl and Helene Schuberth7. Private and Public Sector Deleveraging in the EUJan In't Veld, Peter Pontuch and Rafal RaciborskiPART IIIMACROECONOMIC ADJUSTMENTS AND ECONOMIC INEQUALITY8. External Rebalancing: Is it Cyclical or Structural?Daniel Gros9. Macroeconomic Imbalances and Economic Inequality in CESEEMario Holzner10. Inequality, the Crisis and StagnationTill van TreeckPART IVTHE FUTURE OF (CENTRAL) BANKING IN EUROPE11. The ECB, the Banks and the SovereignsLukrezia Reichlin12. Europe's Banking Union: Glass Half Full or Glass Half Empty?Thorsten Beck13. What can Monetary Policy Achieve, and What is the Relation between Monetary Policy and Financial Stability?Lars E.O. SvenssonPART VREGIONAL PERSPECTIVES ON MONETARY POLICY ISSUES: DILEMMAS AND TRADE-OFFS14. Policy Trade-offs in CESEE and ElsewhereRaimondas Kuodis15. A Central Bank's Dilemmas in Highly Uncertain Times: A Romanian ViewDaniel Daianu16. A Monetary Financial Framework of the Central Bank of Montenegro: Is Financial Stability a Feasible Central Bank Goal?Nikola Fabris17. Inflation Targeting and Use of the Exchange Rate as a Monetary Policy Instrument: The CNB ExperienceMiroslav SingerIndex