European Monetary Union

The book presents up-to-date information on the process towards monetary union in Europe. It includes innovative research and new empirical analysis.

up-to-date information on the process towards monetary union in Europe * includes innovative research and new empirical analysis

Klappentext

The EU is heading towards a monetary union which has both benefits and risks for the Community but will also affect countries outside of Europe. Crucial transition problems, economic adjustment in financial markets and labor markets as well as theoretical and empirical issues of monetary integration are analyzed. The book also focuses on interest rate effects, the role of volatility of money supply growth and exchange rate instability. Issues of monetary and fiscal policy and the political economy of monetary integration are evaluated.

Inhalt
I. Transition and Long Interest Rates in Germany.- A. EMU and Long Interest Rates in Germany.- B. EMU and Outsiders: Fixed versus Flexible Exchange Rates.- II. Financial Markets and Monetary Policy.- C. Foreign Exchange Vehicles Before and After EMU: From Dollar/Mark to Dollar/Euro?.- D. Does a Core-Periphery Regime Make Europe into an Optimal Currency Area?.- E. Competitive Neutrality of Monetary Policy Instruments for EMU.- III. Fiscal Aspects of the Maastricht Treaty and Political Economy of Transition.- F. Self-Fulfilling Public Debt Crises.- G. EU Labor Markets Inside and Outside the Monetary Union.- H. Political Economy of EMU and Stabilization Policy.- Panel I: Necessary Amendments for a Functional European Monetary Union.- Deficits, Debts and the Stability Pact.- Preparing for EMU.- Doctrinal Amendments for a Functional EMU? A Few Reminiscences of Economic History.- Panel II: European Monetary Union from a German Perspective.- Compromise Should not Undermine the Credibility of the Euro Currency.- EMU: A German Viewpoint.- EMU: A Bank's Perspective.- Opportunities and Risks Associated with EMU.- List of Tables.- List of Figures.- List of Participants.