European Monetary Integration de Paul J.J. Welfens

European Monetary Integration: EMS Developments and International Post-Maastricht Perspectives

Paul J.J. Welfens

en Limba Engleză Paperback – 14 dec 2011

EU monetary integration was reinforced in the 1980s when macroeconomic convergence and a dominant role of the German Bundesbank created the basis for relatively stable exchange rates and increasing EU trade volumes. The analysis here focuses on the EMS crisis of 1992/93, the topic of optimum currency areas and the problem of fiscal policies and regional stabilization in Europe, the US and Canada. This book gives an assessment of the EMS developments and shows how financial market liberalization as well as the EU single market project affect the process of economic and monetary union. The role of currency substitution and problems of the Bundesbank's monetary policy control in a changing international system are evaluated.

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European Monetary Union: Post-Maastricht Perspectives on Monetary and Real Integration in Europe.- 1. European Monetary Integration after Maastricht.- 2. The Single Market Program and EC Monetary Integration.- 3. Transition Problems towards EMU.- Discussant: Randall Henning.- The European Monetary System and European Integration: An Evaluation.- 1. Introduction.- 2. European Macroeconomic Convergence.- 3. Macroeconomic Convergence and Economic Integration.- 4. Conclusion 70.- Data.- Discussant: Vittorio Grilli.- Basic Features of a European Monetary Order.- 1. Introduction.- 2. Facing the Challenge of an EC Monetary Order.- 3. The Need for Coherence of Fiscal and Monetary Policy.- 4. Perspectives.- Towards Monetary Union in the European Community: Why and How.- 1. Introduction.- 2. Where: The Meaning of Monetary Union.- 3. Why: Costs and Benefits from Monetary Union.- 4. How: Concrete Steps.- 5. Summary and Conclusions.- Discussant: Alan G. Isaac.- German Monetary Unification and European Monetary Union: Theoretical Issues and Strategic Policy Problems.- 1. Introduction.- 2. Are Germany and Europe Optimum Currency Areas?.- 3. German Monetary Unification.- 4. European Monetary Union.- 5. Big Leap for Germany and Gradualism for Europe.- Discussant: John Williamson.- Liberalization and Regulation in the Process of Financial Market Integration in the European Community 163.- 1. Introduction.- 2. The Historical Record.- 3. Liberalization and Regulation in the Commission’s New Approach.- 4. Likely Impact of the New Approach: Microeconomics.- 5. Likely Impact of the New Approach: Macroeconomics.- 6. Conclusions.- Discussant: Sydney J. Key.- Problems of European Monetary Policy Coordination in the Transition Phase.- 1. Introduction.- 2. Open Questions In Stage One.- 3. OpenQuestions of Stage 2.- 4. Conclusions.- Discussant: Horst Ungerer.- Creating a European Central Bank after 1992: Issues of EC Monetary Integration and Problems of Institutional Innovation.- 1. Monetary and Real Integration in the EC.- 2. The European Monetary System in Perspective.- 3. EC 1992 and Monetary Integration.- 4. Creating an EC Central Bank.- Discussant: George M. von Furstenberg.- Monetary and Fiscal Policy in a European Monetary Union: Some Public Choice Considerations.- 1. Introduction.- 2. Determinants of Inflation in a Monetary Union.- 3. The Role of Fiscal Policy in a Monetary Union.- 4. Conclusions.- Discussant: Robert Solomon.- Whan Can the Fiscal System in the United States and Canada Tell Us about EMU.- 1. Introduction.- 2. The Fiscal System in United States and Canada.- 3. The Relative Importance of Asymmetric Shocks.- 4. The Impact of Federal Taxes and Transfers in the United States and Canada.- 5. Redistribution and Stabilization in the EC.- 6. Conclusions 320.- Data/Appendix.- Discussant: Susan M. Collins.- The European Community as an Optimum Currency Area.- 1. Introduction.- 2. Model in a McKinnon Setting.- 3. Conclusion.- Discussant: Karen H. Johnson.- List of Contributors.- Appendix: Demand for Money and Currency Substitution in Europe.