Challenges For Economic Policy Coordination Within European Monetary Union

Author : Andrew J. Hughes Hallett,Peter Mooslechner,Martin Schürz
Publisher : Springer Science & Business Media
Page : 222 pages
File Size : 53,6 Mb
Release : 2013-06-29
Category : Political Science
ISBN : 9781475747386

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Challenges for Economic Policy Coordination within European Monetary Union by Andrew J. Hughes Hallett,Peter Mooslechner,Martin Schürz Pdf

The launch of European Monetary Union (EMU) marked the beginning of a new era, and its establishment has proved an impressive success at the technical, legal, and procedural level. After all, EMU has accelerated economic and political integration in the European Union and tied the economies of the Member States closer together. However, the performance of the euro, high unemployment rates, uneven output and investment growth, and the issue of structural reforms that have yet to be tackled have raised questions about the performance of EMU in practice. There is a general consensus on the justification for economic policy coordination. The existing literature on economic policy coordination, however, seems far from able to provide robust conclusions about how to organize the necessary interaction of institutions and policies. Therefore, there seems to be a case for re-examining the subject under the new framework set by EMU. The objective of such a reassessment is to enhance the understanding of what type of coordination and what institutional setting for policy coordination can be expected to be most favorable. Challenges for Economic Policy Coordination within European Monetary Union provides an intellectually stimulating contribution to the ongoing debate.

Author : Iain Begg,Federal Trust for Education and Research
Publisher : Federal Trust
Page : 180 pages
File Size : 48,8 Mb
Release : 2002
Category : Business & Economics
ISBN : STANFORD:36105112860650

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Europe: Government and Money by Iain Begg,Federal Trust for Education and Research Pdf

One of the questions about running EMU is whether different strands of macroeconomic policy should be co-ordinated. This work covers the case for and against having an explicit co-ordination of fiscal and monetary policy, with essays from two of the leading architects of the current system.

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 284 pages
File Size : 44,6 Mb
Release : 2013-06-05
Category : Business & Economics
ISBN : 9783540247975

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Policy Coordination in a Monetary Union by Michael Carlberg Pdf

A comprehensive study of the international coordination of economic policy in a monetary union. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on competition between the union central bank, the German government, and the French government. Similarly, as to policy cooperation, the focus is on cooperation between the union central bank, the German government, and the French government. The key questions are: Does the process of policy competition lead to full employment and price stability? Can these targets be achieved through policy cooperation? And is policy cooperation superior to policy competition? Another important issue is monetary competition / monetary cooperation between Europe and America.

Author : Soren Zibrandt von Dosenrode-Lynge
Publisher : Routledge
Page : 276 pages
File Size : 54,7 Mb
Release : 2018-02-06
Category : Social Science
ISBN : 9781351746328

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Political Aspects of the Economic Monetary Union by Soren Zibrandt von Dosenrode-Lynge Pdf

This title was first published in 2002: Concentrating on the myriad political aspects of European Monetary Union (EMU), this volume places the EMU and the European Union (EU) in a global context. It should be useful for scholars and students of European studies, economics, modern history and international relations. Libraries and embassies should also find it a valuable reference tool.

Author : José Caetano,Isabel Vieira,António Caleiro
Publisher : Springer Nature
Page : 321 pages
File Size : 50,8 Mb
Release : 2021-02-22
Category : Business & Economics
ISBN : 9783030623722

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New Challenges for the Eurozone Governance by José Caetano,Isabel Vieira,António Caleiro Pdf

This book adopts a comprehensive approach, combining the views of economists and political scientists, to assess the threats of maintaining the non-collaborative stance that prevailed in the response to past crises, and to explore new solutions to the present emergency. The coronavirus pandemic represents a serious test for the continued existence of the European Monetary Union. It has worsened pre-existing divisions among its members and highlighted the urgent need to address institutional and governance problems that were already apparent in the aftermath of the financial crisis and sovereign debt crisis, but have now gained in relevance following the more widespread impact of the disease across the European Union. This book discusses concrete strategies to overcome the current challenges, focusing on the need to build an effective economic and monetary union. It also reflects on ways of pursuing conformity with discipline and coordination rules while also adopting a more collaborative stance that has so far been absent in the Eurozone and has consistently undermined the political and social dimensions of the common currency project.

Author : Michele Chang,Georg Menz,Mitchell P. Smith
Publisher : Routledge
Page : 246 pages
File Size : 40,7 Mb
Release : 2016-04-14
Category : Political Science
ISBN : 9781317639121

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Redefining European Economic Governance by Michele Chang,Georg Menz,Mitchell P. Smith Pdf

The global financial crisis and sovereign debt crisis exposed the inadequacy of European economic governance. Despite the multitude of new mechanisms and institutions that have arisen over the last few years, many contend that economic governance remains inadequate and the EU must integrate even further to calm still-volatile markets. A tension exists between creating effective instruments that will not overstep the authority delegated to an EU that has integrated economically but not politically. Can the EU’s economic governance system satisfy the demands of markets and politics? Relevant issues include the ability of supranational institutions to dictate policy to national governments, the harmonization of economic policies and institutions across Europe, and a substantial increase in the transfer of funds across borders. Can monetary union continue without political union? How will the new institutions alter the distribution of power between EU institutions as well as between member states? This edited volume analyzes the major policy challenges and institutional mechanisms at the EU- and international levels to combat the global financial crisis and the EU’s sovereign debt crisis such as financial integration, fiscal cooperation, and the rising power of the ECB. This book was published as a special issue of the Journal of European Integration.

Author : Paul J.J. Welfens
Publisher : Springer Science & Business Media
Page : 161 pages
File Size : 54,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642569135

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European Monetary Union and Exchange Rate Dynamics by Paul J.J. Welfens Pdf

The creation of the European Central Bank and the Euro have brought new challenges to EU integration and economic policy. This book looks into issues of monetary and factor market policies. The analysis presents new theoretical and empirical research on the current decline of the Euro. Issues regarding exchange rate policies and international economic relations are also addressed.

Author : Kenneth Dyson
Publisher : OUP Oxford
Page : 400 pages
File Size : 45,8 Mb
Release : 2006-11-02
Category : Political Science
ISBN : 9780191515422

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Enlarging the Euro Area by Kenneth Dyson Pdf

This book seeks to offer the first in-depth and systematic analysis of the challenges of the Euro Area and the eastward enlargement of the European Union. It focuses in particular on how the prolonged process of accession to the Euro Area is affecting domestic economic policies in the accession states of east central Europe. It contributes to Europeanization studies, comparative political economy and to studies of Economic and Monetary Union. It also provides a picture of processes of domestic transformation in such countries as the three Baltic States, Bulgaria, the Czech Republic, Hungary, Poland and Romania. The book brings together a range of recognized experts from across Europe and combines country and sectoral case studies with a thematic treatment. It begins by offering an 'outside-in' perspective, which situates the effects of EMU on the accession states in the wider context of the development of global economic norms. The second part focuses on an 'inside-out' analysis of how Euro Area accession affects the states of east central Europe - their policies, politics and public institutions. The final part assesses how Euro Area accession is affecting key policy sectors in east central Europe: financial market regulation, fiscal policies and welfare states and labour markets.

Author : Marco Buti
Publisher : Cambridge University Press
Page : 376 pages
File Size : 52,8 Mb
Release : 2003-11-13
Category : Business & Economics
ISBN : 0521832152

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Monetary and Fiscal Policies in EMU by Marco Buti Pdf

Leading scholars and policy makers examine the challenges that are facing economic policies in the EMU today.

Author : José Manuel Caetano,Miguel Rocha de Sousa
Publisher : Nova Science Publishers
Page : 0 pages
File Size : 45,5 Mb
Release : 2018
Category : European Union countries
ISBN : 1536134740

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Challenges and Opportunities for Eurozone Governance by José Manuel Caetano,Miguel Rocha de Sousa Pdf

The recent global financial crisis and its impacts on the Eurozone have been the subject of many studies, mostly emphasizing the economic dimension. However, the different patterns of responses to the crisis delivered by countries and institutions reflect very distinct political stands. Hence, in order to better grasp the crisis complexity, a multidisciplinary approach, involving the perspectives of both economics and political science, is required. For a broad and coherent vision of the Eurozone crisis and of the exposed limitations of its governance model, one should use the lens of economic analysis on the interfaces of the various interconnected macroeconomic variables. But one should also take into account the features related to decision making processes and resource allocation in a multilevel governance framework, which the crisis has highlighted and has put on the international agenda. With such a mindset, the focus of this book is on the Mundellian rationale of optimal currency areas and its interaction with the Maastricht Treaty institutional framework, which supports the European Monetary Union building. On the other hand, structural vacuums in the regulatory design of the Eurozone have been accompanied by a manifest lack of effective political leadership in the EUs reactions to the crisis, weakening the credibility and reputation of the single currency and leaving Member States dramatically exposed to the logic of global financial markets. The crisis was a crucial event in the European integration process and its developments will permanently sway the future of the European Union. It is therefore not surprising that, faced with the lacunae in the governance of the Eurozone and the coordination failures of its political reactions, the community institutions have looked for better ways to improve the sustainability of the Eurozone design. Such alternatives are profusely discussed in this book. However, in spite of many meritorious efforts, relevant challenges still remain and must be faced for the sake of a more resilient EMU, namely: the completion of the banking union, which is aimed at strengthening the integrity of the euro and the risk sharing capacity of banks and sovereigns; a better coordination of fiscal policies, to reinforce the stabilization role at the central level; and the promotion of structural reforms, to shape an efficient and stable EMU, capable of generating and distributing wealth. This book discusses and proposes responses to the challenges of devising viable governance, oriented to the progressive reduction and sharing of risks, in a more European oriented perspective, in which central and peripheral countries find their ways to prosperity. The book incorporates views of economists and political scientists who revisit and reflect on the causes of the crisis and on its socio-economic effects. The latest changes to the Eurozone governance model are cross-examined along with prospective analyses of some milestones that still need to be achieved.

Author : Ray Barrell,John Whitley
Publisher : SAGE Publications Limited
Page : 304 pages
File Size : 49,5 Mb
Release : 1993-02-08
Category : Business & Economics
ISBN : 0803987641

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Macroeconomic Policy Coordination in Europe by Ray Barrell,John Whitley Pdf

Despite the progression towards the formation of European Monetary Union (EMU) there still exists considerable disagreement between economists about the relative merits of the current European Monetary System (EMS), EMU and a return to independent policy under floating exchange rates. This book is designed to contribute to this debate on monetary union in Europe by using large scale macroeconomic models of the world economy, including the OECD interlink model and the widely used NiGEM model, to evaluate the EMU, the EMS and the floating exchange rate policies. Various modelling groups address the issues facing Europe and the implications for policy analysis. The objective of the book is to show that the path to monetary uni

Author : Marco Buti,André Sapir
Publisher : Edward Elgar Publishing
Page : 520 pages
File Size : 45,6 Mb
Release : 2002-01-01
Category : Business & Economics
ISBN : 1781009856

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EMU and Economic Policy in Europe by Marco Buti,André Sapir Pdf

Explores issues surrounding the European Monetary Union, including the financial impact of the euro, the behavior of monetary and fiscal authorities, and the consequences of EU enlargement.

Author : Hubert Ooghe,Freddy Heylen,Rudy Vander Vennet,Jan Vermaut
Publisher : Springer Science & Business Media
Page : 441 pages
File Size : 41,9 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461513834

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The Economic and Business Consequences of the EMU by Hubert Ooghe,Freddy Heylen,Rudy Vander Vennet,Jan Vermaut Pdf

The Economic and Business Consequences of the EMU A Challenge for Governments, Financial Institutions and Firms Hubert Ooghe Conference Chairman, Vlerick Leuven Gent Management School alld Ghent University EMU finally got under way on 1 st January 1999. Since then 11 European countries share a common currency, the Euro, and pursue a common monetary policy managed by the European Central Bank (ECB). After forty years of economic integration, Euroland has the wherewithal with which to enter the 21 st century. However monetary union has implications for nearly all areas of economic activity and decision-making. Throughout the academic world researchers are fully occupied with the theoretical analysis of the impact of the Euro and the effects of incorporating the new operational framework into their economic models. Businesses and government departments are concerned primarily with the practical implementation of the single currency. For all those who playa part in the economy, it is a question of making the most of the macro and micro economic opportunities offered by the Euro and minimising any threats. On 17th and 18th March 2000, after the EMU and Euro were in operation for one year, an international conference was held in Ghent (Belgium) on the economic consequences of the introduction of the EMU and the Euro for governments, financial institutions and firms.

Author : Rolf Caesar,Hans-Eckart Scharrer
Publisher : Nomos Verlagsgesellschaft
Page : 504 pages
File Size : 44,5 Mb
Release : 2001
Category : Monetary policy
ISBN : STANFORD:36105029691107

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European Economic and Monetary Union by Rolf Caesar,Hans-Eckart Scharrer Pdf

Author : Michael Carlberg
Publisher : Springer Science & Business Media
Page : 292 pages
File Size : 53,8 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642572906

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Economic Policy in a Monetary Union by Michael Carlberg Pdf

This book explores the scope and limits of macroeconomic policy in a monetary union. The focus is on pure policies, policy mixes, and policy coordination. The leading protagonists are the union central bank, national governments, and national trade unions. Special emphasis is put on wage shocks and wage restraint. This book develops a series of basic, intermediate, and advanced models. The monetary union is an open economy with high capital mobility. The exchange rate between the monetary union and the rest of the world is floating. The world interest rate can be exogenous or endogenous. The union countries may differ in money demand, consumption, imports, openness, or size. A striking feature is the numerical estimation of policy multipliers. A lot of diagrams serve to illustrate the subject in hand.