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European Monetary Integration

EMS Developments and International Post-Maastricht Perspectives

Erschienen am 14.12.2011, Auflage: 3/2011
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Bibliografische Daten
ISBN/EAN: 9783642799716
Sprache: Englisch
Umfang: XVIII, 384 S., 26 s/w Tab.
Einband: kartoniertes Buch

Beschreibung

InhaltsangabeEuropean Monetary Union: Post-Maastricht Perspectives on Monetary and Real Integration in Europe.- 1. European Monetary Integration after Maastricht.- 1.1 The Ratification Crisis.- 1.2 Competitive Devaluation.- 1.3 Some Problems with the Maastricht Design of EMU.- 2. The Single Market Program and EC Monetary Integration.- 2.1 The Single Market and Monetary Union.- 2.2 Problems with the Kenen Criterion.- 3. Transition Problems towards EMU.- 3.1 Conflicts of Interest and Asymmetric Adjustment Capability.- 3.2 Institutional Aspects.- 3.3 Some German Points of View.- Discussant: Randall Henning.- The European Monetary System and European Integration: An Evaluation.- 1. Introduction.- 2. European Macroeconomic Convergence.- 3. Macroeconomic Convergence and Economic Integration.- 4. Conclusion 70.- Data.- Discussant: Vittorio Grilli.- Basic Features of a European Monetary Order.- 1. Introduction.- 2. Facing the Challenge of an EC Monetary Order.- 2.1 Lessons from the EMS.- 2.2 The Significance of Central Bank Independence.- 2.2.1 How to Achieve Independence.- 2.2.2 Instrumental Autonomy.- 2.3 Strategic Options and Organizational Aspects.- 3. The Need for Coherence of Fiscal and Monetary Policy.- 4. Perspectives.- Towards Monetary Union in the European Community: Why and How.- 1. Introduction.- 2. Where: The Meaning of Monetary Union.- 3. Why: Costs and Benefits from Monetary Union.- 3.1 Irrevocably-fixed Exchange Rates: Costs and Benefits.- 3.2 Additional Benefits from a Common Currency.- 4. How: Concrete Steps.- 4.1 Concrete Steps at the National Level: Disinflation and Convergence.- 4.2 Institutional versus Market-led Approaches to Monetary Union.- 4.3 The Institutional Approach: The Stages of the Delors Report.- 5. Summary and Conclusions.- Discussant: Alan G. Isaac.- German Monetary Unification and European Monetary Union: Theoretical Issues and Strategic Policy Problems.- 1. Introduction.- 2. Are Germany and Europe Optimum Currency Areas?.- 3. German Monetary Unification.- 3.1 Economic Structure and Monetary System in East Germany.- 3.2 Necessary Reforms.- 3.3 Benefits and Costs of Gradualism.- 3.4 Benefits and Costs of Big Leap.- 4. European Monetary Union.- 4.1 Economic Structures and Monetary Systems in Europe.- 4.2 Planned Reforms.- 4.3 Benefits and Costs of Gradualism.- 4.4 Benefits and Costs of Big Leap.- 5. Big Leap for Germany and Gradualism for Europe.- Discussant: John Williamson.- Liberalization and Regulation in the Process of Financial Market Integration in the European Community 163.- 1. Introduction.- 2. The Historical Record.- 3. Liberalization and Regulation in the Commission's New Approach.- 4. Likely Impact of the New Approach: Microeconomics.- 5. Likely Impact of the New Approach: Macroeconomics.- 6. Conclusions.- Discussant: Sydney J. Key.- Problems of European Monetary Policy Coordination in the Transition Phase.- 1. Introduction.- 2. Open Questions In Stage One.- 2.1 Does Stage One Make a Difference?.- 2.2 What Kind of Coordination?.- 2.3 How to Ensure the Stability of the EMS?.- 2.4 What Are the Merits of Currency Competition?.- 3. Open Questions of Stage 2.- 3.1 Is There a Need For an ESCB Without Responsibilities?.- 3.2 The ESCB as a Joint Subsidiary of National Central Banks?.- 3.3 Can Monetary Policy Responsibilities Be Divided in Stage Two?.- 3.3.1 ESCB Management of Interest Rate Differentials.- 3.3.2 Third Currency Interventions by the ESCB.- 3.3.3 Minimum Reserve Policy of the ESCB.- 3.3.3.1 ECU Minimum Reserve Requirements for Central Banks.- 3.3.3.2 ECU Minimum Reserve Requirements for Commercial Banks in Europe.- 3.4 An Integrated Approach.- 4. Conclusions.- Discussant: Horst Ungerer.- Creating a European Central Bank after 1992: Issues of EC Monetary Integration and Problems of Institutional Innovation.- 1. Monetary and Real Integration in the EC.- 2. The European Monetary System in Perspective.- 2.1 The EMS Record.- 2.2 German Dominance in the EMS?.- 2.3 Problems of Integrating the U.K. into

Autorenportrait

InhaltsangabeEuropean Monetary Union: Post-Maastricht Perspectives on Monetary and Real Integration in Europe.- 1. European Monetary Integration after Maastricht.- 1.1 The Ratification Crisis.- 1.2 Competitive Devaluation.- 1.3 Some Problems with the Maastricht Design of EMU.- 2. The Single Market Program and EC Monetary Integration.- 2.1 The Single Market and Monetary Union.- 2.2 Problems with the Kenen Criterion.- 3. Transition Problems towards EMU.- 3.1 Conflicts of Interest and Asymmetric Adjustment Capability.- 3.2 Institutional Aspects.- 3.3 Some German Points of View.- Discussant: Randall Henning.- The European Monetary System and European Integration: An Evaluation.- 1. Introduction.- 2. European Macroeconomic Convergence.- 3. Macroeconomic Convergence and Economic Integration.- 4. Conclusion 70.- Data.- Discussant: Vittorio Grilli.- Basic Features of a European Monetary Order.- 1. Introduction.- 2. Facing the Challenge of an EC Monetary Order.- 2.1 Lessons from the EMS.- 2.2 The Significance of Central Bank Independence.- 2.2.1 How to Achieve Independence.- 2.2.2 Instrumental Autonomy.- 2.3 Strategic Options and Organizational Aspects.- 3. The Need for Coherence of Fiscal and Monetary Policy.- 4. Perspectives.- Towards Monetary Union in the European Community: Why and How.- 1. Introduction.- 2. Where: The Meaning of Monetary Union.- 3. Why: Costs and Benefits from Monetary Union.- 3.1 Irrevocably-fixed Exchange Rates: Costs and Benefits.- 3.2 Additional Benefits from a Common Currency.- 4. How: Concrete Steps.- 4.1 Concrete Steps at the National Level: Disinflation and Convergence.- 4.2 Institutional versus Market-led Approaches to Monetary Union.- 4.3 The Institutional Approach: The Stages of the Delors Report.- 5. Summary and Conclusions.- Discussant: Alan G. Isaac.- German Monetary Unification and European Monetary Union: Theoretical Issues and Strategic Policy Problems.- 1. Introduction.- 2. Are Germany and Europe Optimum Currency Areas?.- 3. German Monetary Unification.- 3.1 Economic Structure and Monetary System in East Germany.- 3.2 Necessary Reforms.- 3.3 Benefits and Costs of Gradualism.- 3.4 Benefits and Costs of Big Leap.- 4. European Monetary Union.- 4.1 Economic Structures and Monetary Systems in Europe.- 4.2 Planned Reforms.- 4.3 Benefits and Costs of Gradualism.- 4.4 Benefits and Costs of Big Leap.- 5. Big Leap for Germany and Gradualism for Europe.- Discussant: John Williamson.- Liberalization and Regulation in the Process of Financial Market Integration in the European Community 163.- 1. Introduction.- 2. The Historical Record.- 3. Liberalization and Regulation in the Commission's New Approach.- 4. Likely Impact of the New Approach: Microeconomics.- 5. Likely Impact of the New Approach: Macroeconomics.- 6. Conclusions.- Discussant: Sydney J. Key.- Problems of European Monetary Policy Coordination in the Transition Phase.- 1. Introduction.- 2. Open Questions In Stage One.- 2.1 Does Stage One Make a Difference?.- 2.2 What Kind of Coordination?.- 2.3 How to Ensure the Stability of the EMS?.- 2.4 What Are the Merits of Currency Competition?.- 3. Open Questions of Stage 2.- 3.1 Is There a Need For an ESCB Without Responsibilities?.- 3.2 The ESCB as a Joint Subsidiary of National Central Banks?.- 3.3 Can Monetary Policy Responsibilities Be Divided in Stage Two?.- 3.3.1 ESCB Management of Interest Rate Differentials.- 3.3.2 Third Currency Interventions by the ESCB.- 3.3.3 Minimum Reserve Policy of the ESCB.- 3.3.3.1 ECU Minimum Reserve Requirements for Central Banks.- 3.3.3.2 ECU Minimum Reserve Requirements for Commercial Banks in Europe.- 3.4 An Integrated Approach.- 4. Conclusions.- Discussant: Horst Ungerer.- Creating a European Central Bank after 1992: Issues of EC Monetary Integration and Problems of Institutional Innovation.- 1. Monetary and Real Integration in the EC.- 2. The European Monetary System in Perspective.- 2.1 The EMS Record.- 2.2 German Dominance in the EMS?.- 2.3 Problems of Integrating the U.K. into