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Author : Nicola Acocella
Publisher : Cambridge University Press
Page : 489 pages
File Size : 46,8 Mb
Release : 2020-08-27
Category : Business & Economics
ISBN : 9781108840873
Analyzes the roots of Europe's economic decline, examining institutions of the European Union and exploring possibilities for reform.
Author : Harold James
Publisher : Harvard University Press
Page : 324 pages
File Size : 44,5 Mb
Release : 2012-11-19
Category : Business & Economics
ISBN : 9780674070943
Europe’s financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro’s invention. Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar’s privileged position in the international monetary system, and Germany’s persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community’s Committee of Central Bank Governors and the Delors Committee of 1988–89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.
Author : Michele Fratianni,Jurgen Von Hagen
Publisher : Routledge
Page : 248 pages
File Size : 47,9 Mb
Release : 2019-09-06
Category : Political Science
ISBN : 9781000301113
When the European Monetary System (EMS) was created in 1978, economists on both sides of the Atlantic predicted its early failure. Today, EMS is alive and well, continuing to defy conventional economic wisdom. The authors address three major questions about the European Monetary System (EMS): how it came into being, how it works and how it may evolve into a fully-fledged monetary union.
Author : Sławomir Ireneusz Bukowski
Publisher : Routledge
Page : 126 pages
File Size : 40,6 Mb
Release : 2019-11-21
Category : Business & Economics
ISBN : 9780429575617
This book introduces readers to the world of international financial markets and their integration on a global and regional scale. The author presents the theoretical and practical issues concerning the processes of financial market integration, with a particular focus on the monetary union. The empirical research results are based on econometric modeling, thus simplifying them for a non-specialist audience, who can instead concentrate on the author’s conclusions, which comprise the results of these complicated research methods. The author outlines the role and functions of financial markets in the economy, in particular the relationship between financial intermediaries and financial markets and tackles the question of integration of new EU member countries’ financial markets within the eurozone. The integration of financial markets in an international context is inevitable, and the author argues that we must learn how to benefit from it from in terms of economic growth. This book will be a valuable resource for students of economics and finance, particularly those studying financial management and international business and finance, as well as professionals in these fields. Further, this book will be of interest to anyone looking to discover more about the problems of globalization and the integration of financial markets into the modern economy.
Author : Helmut Siekmann
Publisher : Bloomsbury Publishing
Page : 1529 pages
File Size : 48,9 Mb
Release : 2021-12-23
Category : Law
ISBN : 9781509918980
This book provides a commentary on the law of the EU related to the Monetary Union. It contains a comprehensive analysis of all provisions of the Statute of the European System of Central Banks (ESCB) and the European Central Bank (ECB). In addition, the book also analyses all provisions of the Treaties themselves which regulate the ESCB and the ECB. This analysis is supplemented by commentaries on other Protocols which contain relevant rules for the Monetary Union. In essence, all relevant statutory rules governing the euro and its key monetary authority, the European Central Bank, are unfolded and explained in one volume. This gives the book a unique position in the legal literature on the law of the EU. With contributions by renowned academics and practitioners, this book is an expanded and updated translation of the 2013 German commentary, EWU Kommentar zu Europäischen Währungsunion (Mohr Siebeck) and is an invaluable resource for practitioners and academics alike who are looking for a provision-by-provision commentary on the laws governing the European Monetary Union.
Author : Daniel Gros,Niels Thygesen
Publisher : Longman Publishing Group
Page : 592 pages
File Size : 41,7 Mb
Release : 1998
Category : Economic and Monetary Union
ISBN : STANFORD:36105110117947
This text provides an unrivalled account of the history, theory and practice of monetary integration in Europe.
Author : Prof H M Scobie
Publisher : Routledge
Page : 144 pages
File Size : 46,6 Mb
Release : 2004-01-14
Category : Business & Economics
ISBN : 9781134687862
A detailed analysis of the economic effects of the changeover to a unified European currency and the pressures caused by a dual-currency system over the transition period to the Euro. Subjects discussed include: * fiscal transfer payments: the implications of the US structure for the EMU * consequences of parallel currency 1999-2002 * feasibility of a single currency without the exchange rate mechanism * the relationship between the UK and Europe * accounts of moves towards monetary union in Austria, Portugal and Finland.
Author : Paul J.J. Welfens
Publisher : Springer Science & Business Media
Page : 161 pages
File Size : 53,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642569135
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 : Nazaré da Costa Cabral
Publisher : Routledge
Page : 268 pages
File Size : 53,9 Mb
Release : 2020-06-09
Category : Business & Economics
ISBN : 9781000096569
This book provides a much-needed detailed analysis of the evolution of Europe over the last decade, as well as a discussion about the path of reform that has been trodden in the aftermath of the financial crisis. It offers a multidisciplinary view of the E(M)U and captures the main factors that induced the reform of the monetary union – a process that has not been linear and is far from being concluded. The author examines the policy responses designed throughout the development of the crisis and assesses the scale of the crisis in Europe, in comparison to other parts of the world, as well as its prolonged effects both in economic and financial terms. An update on the current ‘state of the art’ in the conception of risk-sharing mechanisms is provided. With its innovative approach, the book analyses the financing issues which need to be taken into consideration in the design of these instruments and highlights the main categories of governmental risk-sharing mechanisms – in particular, the ones to be used as ‘fiscal capacity’. This is a timely and topical book and will be of interest to a broad audience, including experts, scholars and students of European affairs, particularly those with economic, financial, legal and political science backgrounds.
Author : Ramona Kraft
Publisher : GRIN Verlag
Page : 18 pages
File Size : 53,9 Mb
Release : 2007-04-16
Category : Business & Economics
ISBN : 9783638685894
Essay from the year 2006 in the subject Economics - Monetary theory and policy, grade: 1,4, Dublin City University (Business School), course: Course EU Politics, language: English, abstract: The creation of the European and Monetary Union (EMU) has been one of the most determined and successful projects carried out by the European Union (EU) – and it is still in progress since eleven EU-countries are, following the Maastricht treaty, legally required to join the Eurozone as soon as they meet the convergence criteria. The reasons for the creation of EMU have been widely discussed among scholars; some focus on the request for political integration that would resulted from an EMU, some claim that the EMU was established to promote growth and investment. The assignment will hence “discuss how the creation of EMU was both an economic and politically driven process”. Chapter 1 outlines events and agreements which indirectly led to the EMU. Chapter 2 assesses the Delors Report and the Stability and Growth Pact (SGP) which affect EMU directly . Chapter 3 concludes by analysing the mentioned 30-year process leading to the EMU and gives a brief outlook. This approach has been chosen because it is essential to study the historical events leading to the Delors Report and finally the Treaty on European Union (TEU) in order to analyse the creation of EMU.
Author : Emmanuel Apel
Publisher : Routledge
Page : 258 pages
File Size : 50,6 Mb
Release : 2013-06-17
Category : Business & Economics
ISBN : 9781135096793
This book is an accessible introduction to European monetary integration which provides a historical background to current debates, as well as an analysis of future developments. Further features of this book include: * a chronology of economic and monetary unification from 1958-1999 * clear non-technical presentation of the economic issues regarding the costs and benefits of creating a monetary union * detailed presentation of the economic and legal framework for the changeover to a single European economy * evaluation of the Maastricht Treaty's plan for monetary union * an overview of the debate between the federalist approach and the inter-governmental co-operation approach towards economic and political integration of Europe * a set of questions and exercises illuminating the more technical parts of the book European Monetary Integration 1958-2002 is an excellent resource for all those who want to discover the facts about European monetary integration which lie behind the heated political rhetoric.
Author : M.T. Sumner,G. Zis
Publisher : Springer
Page : 281 pages
File Size : 47,9 Mb
Release : 1982-06-24
Category : Business & Economics
ISBN : 9781349167814
Author : Hans-Werner Sinn,Mika Widgrén,Marko Köthenbürger
Publisher : MIT Press
Page : 206 pages
File Size : 52,8 Mb
Release : 2004
Category : Business & Economics
ISBN : 0262194996
The contributors to this text, all economists and scholars, combine theoretical analysis and policy recommendation in their examination of the difficulties of European monetary integration.
Author : Michele Chang
Publisher : Palgrave Macmillan
Page : 332 pages
File Size : 44,9 Mb
Release : 2009-05-15
Category : Political Science
ISBN : 0230542859
The creation of the Euro was one of the most ambitious projects undertaken by the EU. Nearly a decade on, the Euro has become a major international currency. This book takes stock of the Eurozone, both empirically and theoretically, considering historical, economic, political, and institutional influences on its development.
Author : Paul J.J. Welfens
Publisher : Springer Science & Business Media
Page : 463 pages
File Size : 47,8 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642590399
Paul J. J. Welfens European monetary union has been discussed for more than three decades and is likely to be realized in 1999. One may anticipate generous interpretations of the fiscal convergence criteria. Such generosity consistent with the Maastricht Treaty might impair the credibility of the ECB and the stability of the Euro, respectively, despite the fact that inflation is a monetary phenomenon and has little to do with government deficits, unless they were financed via the printing press, which is excluded in the Maastricht Treaty. The European Commission's forecast of spring 1997 suggests that Italy will have problems in joining the EMU starter group as the is expected to be 3. 2% in 1997 and even 3. 9% in 1998. A Italian deficitlGDP ratio fully developed EMU group (with all 15 cowltries included) would represent 38% of the OECD GDP, slightly higher than the U. S. with 33% (Japan 21%). The exports/GDP ratio of EU countries is 30%, the ratio with respect to exports outside the EU would be 10% (Japan, U. S. 8%). The share of the U. S. dollar in international currency reserves fell from 67% to 40% in 1995, while the share of European currencies increased from 13% to 37%. Prior to the EMU, market participants have to anticipate whether a transition to 1999 will bring windfall losses or gains in various bond markets.