European Monetary Union: Transition, International Impact and Policy Options
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 EC...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Berlin, Heidelberg
Springer Berlin Heidelberg
1997
|
| Ausgabe: | 1st ed. 1997 |
| Schlagworte: | |
| Online-Zugang: | DE-634 Volltext |
| Zusammenfassung: | 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 |
| Beschreibung: | 1 Online-Ressource (X, 467 p. 5 illus) |
| ISBN: | 9783642590399 |
| DOI: | 10.1007/978-3-642-59039-9 |
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| spelling | European Monetary Union Transition, International Impact and Policy Options edited by Paul J.J. Welfens 1st ed. 1997 Berlin, Heidelberg Springer Berlin Heidelberg 1997 1 Online-Ressource (X, 467 p. 5 illus) txt rdacontent c rdamedia cr rdacarrier 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 Europäische Union (DE-588)5098525-5 gnd rswk-swf Finance, general International Economics Finance International economics Währungsunion (DE-588)4188829-7 gnd rswk-swf (DE-588)4143413-4 Aufsatzsammlung gnd-content Europäische Union (DE-588)5098525-5 b Währungsunion (DE-588)4188829-7 s DE-604 Welfens, Paul J.J. edt Erscheint auch als Druck-Ausgabe 9783540633051 Erscheint auch als Druck-Ausgabe 9783642590405 Erscheint auch als Druck-Ausgabe 9783642638275 https://doi.org/10.1007/978-3-642-59039-9 Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | European Monetary Union Transition, International Impact and Policy Options Europäische Union (DE-588)5098525-5 gnd Finance, general International Economics Finance International economics Währungsunion (DE-588)4188829-7 gnd |
| subject_GND | (DE-588)5098525-5 (DE-588)4188829-7 (DE-588)4143413-4 |
| title | European Monetary Union Transition, International Impact and Policy Options |
| title_auth | European Monetary Union Transition, International Impact and Policy Options |
| title_exact_search | European Monetary Union Transition, International Impact and Policy Options |
| title_exact_search_txtP | European Monetary Union Transition, International Impact and Policy Options |
| title_full | European Monetary Union Transition, International Impact and Policy Options edited by Paul J.J. Welfens |
| title_fullStr | European Monetary Union Transition, International Impact and Policy Options edited by Paul J.J. Welfens |
| title_full_unstemmed | European Monetary Union Transition, International Impact and Policy Options edited by Paul J.J. Welfens |
| title_short | European Monetary Union |
| title_sort | european monetary union transition international impact and policy options |
| title_sub | Transition, International Impact and Policy Options |
| topic | Europäische Union (DE-588)5098525-5 gnd Finance, general International Economics Finance International economics Währungsunion (DE-588)4188829-7 gnd |
| topic_facet | Europäische Union Finance, general International Economics Finance International economics Währungsunion Aufsatzsammlung |
| url | https://doi.org/10.1007/978-3-642-59039-9 |
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