The path to European economic and monetary union:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Boston [u.a.]
Kluwer Acad. Publ.
1997
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XIII, 470 S. graph. Darst. |
| ISBN: | 079239951X |
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| 245 | 1 | 0 | |a The path to European economic and monetary union |c by Scheherazade S. Rehman |
| 264 | 1 | |a Boston [u.a.] |b Kluwer Acad. Publ. |c 1997 | |
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L ABLE OF CONTENTS
Acknowledgements ix
Acronyms xi
Foreword by Sir Alan Walters xiii
Chapter I: Overview of European Monetary Integration 1
The Evolution of the European Union (El i) 1
The History of European Monetary Integration 4
The European Payments Union (EPU) 4
The Bretton Woods Agreements 7
Monetary Integration Plans 8
The"Snake" 14
The European Monetary System (EMS) 17
The Evolution of the European Economic and Monetary Union (EMU) 40
Annex I 1:
The EU Institutional Structure 68
Chapter II: Political and Economic Dilemmas Of The EMU 79
The Maastricht Treaty Ratification Process 79
The potential German "Opt out" and the Issue of Democratic Accountability 79
The Danish "No" 80
The Dilemma of the United Kingdom 82
The French Elections and the ERM 82
The Politics of the Maastricht Treaty 84
Treaty Hurdles 86
Intergovernmental Politics 90
Post Treaty Politics 94
The Impact of the ERM Crises on the EMU 96
The 1992 and 1993 ERM Crises 97
ERM Policy Options and Their Impact on the EMU 106
Additional Considerations 110
The Transitional Dilemmas of EMU 111
Policy Considerations 111
Different Types of EMUs and Their Welfare Implications 11 7
EU Enlargement Implications 121
The Institutional Impact 122
Institutional Changes in a Multi Speed EMU 130
Institutional and Decision Making Changes 131
The Implications of a Multi Speed EMU 144
Annex I I.I:
Combinations of Districting and Alternating Voting for the ECB Governing Council
and the Ability to Maintain a Bundesbank Style Anti Inflationary Monetary Policy 150
Chapter III: Fiscal Policy and The EMU 165
Fiscal Coordination and Binding Constraints 169
The Need for Fiscal Coordination 169
The Need for Fiscal Discipline 178
The Implementation of Binding Constraints 187
The EU Common Budget and the EMU 190
Revenues and Expenditures 190
The Common Budget and the EMU 197
Budget Reform 202
Fiscal Federalism under the EMU 203
The Role of National Fiscal Policies in the EMU 207
The Need for Budgetary Policy Autonomy 207
The Use of Fiscal "Shock Absorbers" 209
The EMU's Impact on Government Budgets 211
Sustaining the Maastricht Treaty Fiscal Convergence Criteria 215
The Transition Stage 218
The Post EMU Stage 219
Chapter IV: The Single Currency, The "Euro": Costs and
Benefits 221
Towards the "Euro" 221
Single Currency Types 223
European Single Currency Proposals 224
The Selection of the "Euro" 229
The Determinants of Exchange Rate Regimes 231
The Impact of Monetary and Fiscal Policies Under Fixed, Flexible and Managed Exchange Rates 233
Irrevocably Fixed Exchange Rates and the Single Currency 240
The Optimum Currency Area (OC As) and the EU 241
Costs and Benefits of the EMU 245
The Economic Union 247
The Monetary Union 248
The EU EMU Costs and Benefits 250
Costs and Benefits of The Euro 253
The Euro, Irrevocable Exchange Rates and Other Alternative Exchange Rate Systems 254
Impact on Transaction Costs 256
Elimination of Exchange Rate Uncertainty 259
Price Stability 264
Nominal Exchange Rates and Economic Shocks 267
The Euro's National and Regional Impact 273
The Costs and Benefits of the Euro 274
The Euro and Lagging Regions 277
Annex fV.l:
The Impact of Fixed, Flexible and Managed Exchange Rates on Inflation 279
Chapter V: The European Central Bank 281
The European Monetary Institute (EMI) 281
Organizational Structure and Role of the EMI 282
The Transitional Role of the EMI 301
The EMI and the Convergence Criteria 305
The European Central Bank 306
Organizational Structure and Management 306
Responsibilities 310
Monetary Policies 312
Banking Supervision 313
Reserve Requirements 315
Exchange Rate Policies 316
Independence and Credibility 317
The Bundesbank's Influence 320
Concluding Remarks on the ECB 321
The Maastricht Treaty Statutory Requirements for National Central Banks 322
Mandatory Central Bank Independence under the ESCB 322
Institutional Features of the EU Central Banks, Financial Sectors and
Their Adaptation to ESCB Statutes: 323
Annex V.I:
EMI Council Members 339
Annex V.2:
EMI Management Group Members
Annex V.3:
Differences in Monetary Transmission Processes 341
Annex V.4:
The Price Stability Convergence Criteria and the Role of the EMI 4j
Annex V.5:
The Fiscal Convergence Criteria and the Role of the EMI 345
Annex V.6:
The Exchange Rate Convergence Criteria and the Role of the EMI; and the Evolution
of Real Effective Exchange Rates in the EU J4'
Annex V.7: ,,_
The Long Term Interest Rate Convergence Criteria and the Role of the EMI J)u
Annex V.8: „,
Summary of the Institutional Features of the Various EU Central Banks m
Annex V.9: ,,,
The Role and Degree of Independence of Selected EU Central Banks "t
Chapter VI: Key EMU Predicaments and Outlook 363
Impact of Common Monetary Policies 363
EU Financial Centers: Gains and Losses 365
The Euro's Impact on EU Foreign Exchange, Bond, Stock and Derivatives Markets 367
The Euro's Impact on Financial Market Participants 370
Unanswered Euro Questions 371
The "City" of London and the EMU 377
The "City" and the Euro 381
The EMU and the Global Financial Markets 383
The EMU, G 7 Macro Economic Policy Coordination 384
The EMU and the IMF 387
The Euro as an International Currency 388
The Euro as a Trade and Investment Currency 389
The Euro as a Reserve Currency 392
The ERM II 396
Maastricht Convergence Criteria 399
Potential EMU Membership 399
Fiscal "Fudging" 403
The U.K. Dilemma 405
The German EMU Predicament 408
The Importance of the Maastricht Treaty Convergence Criteria 409
The German EMU Decision 409
The Importance of the Franco German Alliance 4''
Pre Spring 1996 411
Post Spring 1996 413
The 1996 97 IGC Negotiations 414
Possible EMU Impediments 4'6
German Domestic Policies 4'6
A Possible EU wide Economic Slowdown 4'"
Germany and the Fiscal Convergence Criteria 4''
France and the Fiscal Convergence Criteria 420
A Possible EU Currency Crisis 420
The Bundesbank and the Euro 420
The German Constitutional Court and the EMU 422
The "Italian Insult" 422
The Outcome of the 1996 97 IGC Talks 423
The Post EMU Fiscal "Stability and Growth Pact" 424
EMU's Impact on Unemployment 42"
The EMU Blueprint for 2002 42jj
The EMI Presidency and the 1997 "Progress Towards Convergence" Report ^
Possible EMU Alternatives 42*
Possible Outcomes in 2002 and Beyond 432
Bibliography 435
Appendix A: Key Dates In The History Of European Integration 447
About the Author 461
Index 463 |
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| spelling | Rehman, Scheherazade S. Verfasser aut The path to European economic and monetary union by Scheherazade S. Rehman Boston [u.a.] Kluwer Acad. Publ. 1997 XIII, 470 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier European Monetary System (Organisation) European Monetary System (Organization) Europäische Union (DE-588)5098525-5 gnd rswk-swf EMU gtt Euro gtt Europees Monetair Stelsel gtt Monnaie unique européenne ram Politique monétaire - Pays de l'Union européenne ram Système monétaire européen ram European currency unit Monetary policy -- European Union countries Währungsunion (DE-588)4188829-7 gnd rswk-swf Europäische Union. Mitgliedsstaaten Europäische Union (DE-588)5098525-5 b Währungsunion (DE-588)4188829-7 s DE-604 HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=007980231&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Rehman, Scheherazade S. The path to European economic and monetary union European Monetary System (Organisation) European Monetary System (Organization) Europäische Union (DE-588)5098525-5 gnd EMU gtt Euro gtt Europees Monetair Stelsel gtt Monnaie unique européenne ram Politique monétaire - Pays de l'Union européenne ram Système monétaire européen ram European currency unit Monetary policy -- European Union countries Währungsunion (DE-588)4188829-7 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)4188829-7 |
| title | The path to European economic and monetary union |
| title_auth | The path to European economic and monetary union |
| title_exact_search | The path to European economic and monetary union |
| title_full | The path to European economic and monetary union by Scheherazade S. Rehman |
| title_fullStr | The path to European economic and monetary union by Scheherazade S. Rehman |
| title_full_unstemmed | The path to European economic and monetary union by Scheherazade S. Rehman |
| title_short | The path to European economic and monetary union |
| title_sort | the path to european economic and monetary union |
| topic | European Monetary System (Organisation) European Monetary System (Organization) Europäische Union (DE-588)5098525-5 gnd EMU gtt Euro gtt Europees Monetair Stelsel gtt Monnaie unique européenne ram Politique monétaire - Pays de l'Union européenne ram Système monétaire européen ram European currency unit Monetary policy -- European Union countries Währungsunion (DE-588)4188829-7 gnd |
| topic_facet | European Monetary System (Organisation) European Monetary System (Organization) Europäische Union EMU Euro Europees Monetair Stelsel Monnaie unique européenne Politique monétaire - Pays de l'Union européenne Système monétaire européen European currency unit Monetary policy -- European Union countries Währungsunion Europäische Union. Mitgliedsstaaten |
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