European Monetary Integration
From the European Monetary System to Economic and Monetary Union
Longman (Publisher)
Published in July 1992
Book
Paperback/Softback
512 pages
978-0-582-07921-2 (ISBN)
Description
This book provides an analysis of the history of European monetary union, from the early days of the European Payments Union following the collapse of the Bretton Woods System in the 1960s to the current debate about the desirability of a single currency and a European Central Bank. The authors assess the record so far and suggest the likely timetable for monetary union in Europe with an analysis of the costs and benefits of the various options. It includes analysis of monetary reform in Eastern Europe and an appendix on monetary union in Germany. It is aimed at students of international and monetary economics and European integration as well as at professional economists.
More details
Language
English
Place of publication
Harlow
United Kingdom
Publishing group
Pearson Education Limited
Target group
College/higher education
Professional and scholarly
Illustrations
bibliography, index
Dimensions
Height: 234 mm
Width: 156 mm
Weight
753 gr
ISBN-13
978-0-582-07921-2 (9780582079212)
Copyright in bibliographic data is held by Nielsen Book Services Limited or its licensors: all rights reserved.
Schweitzer Classification
Content
Part 1 A brief history of European monetary integration: the beginning - from the European Payments Union to the Snake; the first step towards convertibility - the European Payments Union; the Bretton Woods system in the 1960s - stability and crises; an early attempt at monetary union - the Werner Plan; the "snake" 1972-8; lessons from the first thirty years of European monetary integration; references; the making of the EMS; the Schmidt-Giscard initiative - political and economic inspirations; the Bremen and Brussels European Councils; the European Monetary Fund; reference. Part 2 The European monetary system: the working of the EMS; criteria for a chronology; a turbulent start 1979-83; a calmer intermediate phase - March 1983-January 1987; an EMS without realignments; summary; analytical issues - a critical appraisal of the EMS; a zone of monetary stability - exchange-rate stability and convergence to price stability?; the EMS, a disciplinary device?; the EMS, a shock absorber mechanism?; symmetry and asymmetry in the EMS; fiscal policy in the EMS; a summary assessment of the EMS; current issues for the EMS the transition towards monetary union; the EMS without capital controls - a potential for speculative attacks?; the EMS and financial market intergration - a potential for currency substitution?; can too much exchange-rate stability delay covergence in inflation?; the fiscal implications of price stability; is there a need for a maxi realignment; the effects of German unification on exchange rates in Europe; a widening of membership - Spain and the United Kingdom; a new EMS?; the Ecu - motor or expression of European monetary integration; origins and definition of the Ecu; the official Ecu - a dead end?; the (private) Ecu in financial markets; the Ecu versus the basket; the future of the Ecu;why monetary union? costs and benefits; what is the meaning of monetary union? irrevocably fixed exchange rates versus a common currency; costs and benefits of irrevocably fixed exchange rates; additional benefits from a common currrency; regional distribution of costs and benefits; summary evaluation of the economic costs and benefits of monetary union.