Adjustment and Growth in the European Monetary Union

Adjustment and Growth in the European Monetary Union
Author: Francisco Torres
Publisher: Cambridge University Press
Total Pages: 406
Release: 1993-10-21
Genre: Business & Economics
ISBN: 052144019X

The Maastricht Treaty, signed in December 1991, set a timetable for the European Community's economic and monetary union (EMU) and clearly defined the institutional policy changes necessary for its achievement. Subsequent developments have demonstrated, however, the importance of many key issues in the transition to EMU that were largely neglected at the time. This volume reports the proceedings of a joint CEPR conference with the Banco de Portugal, held in January 1992. In these papers, leading international experts address the instability of the transition to EMU, the long-run implications of monetary union and the single market for growth and convergence in Europe. They also consider the prospects for inflation and fiscal convergence, regional policy and the integration of financial markets and fiscal systems. Attention focuses on adjustment mechanisms with differentiated shocks, region-specific business cycles and excessive industrial concentration and the cases for a two-speed EMU and fiscal federalism.

Regional Monetary Integration

Regional Monetary Integration
Author: Peter B. Kenen
Publisher: Cambridge University Press
Total Pages: 199
Release: 2007-11-26
Genre: Business & Economics
ISBN: 1139466038

This book surveys the prospects for regional monetary integration in various parts of the world. Beginning with a brief review of the theory of optimal currency areas, it goes on to examine the structure and functioning of the European Monetary Union, then turns to the prospects for monetary integration elsewhere in the world - North America, South America, and East Asia. Such cooperation may take the form of full-fledged monetary unions or looser forms of monetary cooperation. The book emphasizes the economic and institutional requirements for successful monetary integration, including the need for a single central bank in the case of a full-fledged monetary union, and the corresponding need for multinational institutions to safeguard its independence and assure its accountability. The book concludes with a chapter on the implications of monetary integration for the United States and the US dollar.

Economic Convergence in the Euro Area: Coming Together or Drifting Apart?

Economic Convergence in the Euro Area: Coming Together or Drifting Apart?
Author: Mr.Jeffrey R. Franks
Publisher: International Monetary Fund
Total Pages: 47
Release: 2018-01-23
Genre: Business & Economics
ISBN: 1484338499

We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.

One Market, One Money

One Market, One Money
Author: Michael Emerson
Publisher:
Total Pages: 356
Release: 1992
Genre: Business & Economics
ISBN: 9780198773245

The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.

Economic and Monetary Union in Europe

Economic and Monetary Union in Europe
Author: Peter B. Kenen
Publisher: Cambridge University Press
Total Pages: 234
Release: 1995-09-29
Genre: Business & Economics
ISBN: 9780521558839

1.The origins of EMU -- 2.The design of EMU -- 3.Monetary policy in Stage Three -- 4.Fiscal policy and EMU -- 5.EMU and the outside world -- 6.The transition to EMU -- 7.Reconsidering the transition -- 8.Getting on with EMU.

Monetary Union, Employment and Growth

Monetary Union, Employment and Growth
Author: Pier Carlo Padoan
Publisher: Edward Elgar Publishing
Total Pages: 240
Release: 2001-01-01
Genre: Business & Economics
ISBN: 9781782544036

'Monetary Union, Employment and Growth provides a thorough and well-developed analysis of the macroeconomic and microeconomic implications of the single currency.' - Terrence Casey, Journal of European Area Studies 'This book offers an in-depth discussion of two highly topical European issues - the single currency and unemployment - making it suitable for professional economists and post-graduate students in economics, international relations and European studies.' - European Access There exists a twofold relationship between the factors affecting adoption of a single currency in Europe, employment, and growth. On one hand, the operation of the euro will be hindered if rigidities in labour and product markets persist - hence low employment and slow growth may be a cause of poor performance of the single currency. On the other hand, the functioning of the euro will affect future patterns of European employment. Pier Carlo Padoan and his distinguished group of contributing authors go beyond the common European-based debates to consider the impact of the euro as a global currency on the evolution of European labour, product, and regional markets.

Monetary Integration

Monetary Integration
Author: Warner Max Corden
Publisher: Princeton, N.J. : International Finance Section, Princeton University
Total Pages: 58
Release: 1972
Genre: Business & Economics
ISBN:

European Monetary Integration

European Monetary Integration
Author: Eric J. Pentecost
Publisher: Edward Elgar Publishing
Total Pages: 256
Release: 2001-01-01
Genre: Business & Economics
ISBN: 9781781950975

This highly topical book examines the development and future prospects for economic and monetary union in Europe. European Monetary Integration examines the background to economic and monetary union from a historical perspective that distinguishes between national and supranational currency areas, and an optimal currency area theory. The gradualist transition process is also considered.