The Economic and Business Consequences of the EMU: A Challenge for Governments, Financial Institutions and Firms

Book Description

The European Monetary Union (EMU) got under way on 1 January 1999. Since then 11 European countries share a common currency, the Euro, and pursue a common monetary policy managed by the European Central Bank (ECB). After forty years of economic integration, Europe has the wherewithal with which to enter the 21st century. However monetary union has implications for nearly all areas of economic activity and decision-making. Throughout the academic world researchers are fully occupied with the theoretical analysis of the impact of the Euro and the effects of incorporating the new operational framework into their economic models. Businesses and government departments are concerned primarily with the practical implementation of the single currency. For all those who play a part in the economy, it is a question of making the most of the macro and microeconomic opportunities offered by the Euro and minimizing any threats.
The Economic and Business Consequences of the EMU describes the economic consequences of the introduction of the EMU and the Euro for governments, financial institutions and firms. The volume,s aims are threefold:

To make a first assessment after about a year=s experience with Economic and Monetary Union;
To examine the impact of EMU and the introduction of the Euro in various areas of economic policy, involving both government and the corporate sector including the banking industry;
To provide an insight into the challenges that the Euro offers for the coming years with respect both to macro-economic policy and the development of the financial markets and with respect to business management.

Economics of Monetary Union, 4th Edition

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Economics of Monetary Union, 4th Edition
Paul De Grauwe
Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Paperback

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ASIN: 0198776322

Book Description

With the launch of the Euro, Europe's monetary landscape has changed fundamentally. Now in its fourth edition, this well-established textbook on monetary integration has been significantly rewritten to take account of these changes. New issues include: Monetary policies in Euroland in the presence of asymmetric shocks The mechanics of open market operations in Euroland Is the Eurosystem too decentralized? The Target Payments system Problems of bank supervision and control in Euroland The future of the euro in the international financial system Will the euro be a strong currency? Financial and banking integration in Euroland. This latest edition has been produced in a larger format, with clear figures and tables packed with relevant international data. Chapter conclusions provide a clear summary of each topic under discussion. Paul De Grauwe's lucid and balanced analysis continues to provide a clear account of all the crucial issues surrounding monetary union for undergraduate students of monetary economics and European studies.

Customer Reviews:

Useful.......2002-04-10

I'm an undergraduate student in Finance and Economics. I picked up this book for a term paper for my Public Economics class.

If there's one thing to say about De Grauwe's book is that it seemed very useful, down to earth, in contrast to other economics books I've read. The concepts covered in the book were explained very clearly, and for someone interested in the area, the theories seemed ready for use for application in understanding the important issues of monetary integration.

Whether there are flaws in the theory are--honestly--beyond my grasp; I'd have to read more. The book seems written and revised fairly enough and hasn't received negative comments from the faculty at my university. If someone else has a contrary opinion, I'm sure it'd help for people to hear.

Book Description

This book provides a comprehensive account and analysis of the plan for European monetary union contained in the Maastricht Treaty. The provisions of the treaty itself are examined, showing how they evolved, what must be done to implement them, and some of the problems they will pose. Kenen goes far beyond the treaty, however, to survey and adapt recent research by economists on the benefits and costs of monetary unions, the conduct of monetary policy, and the consequences of large public deficits and debts.

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Useful contribution to vital debate.......2001-05-17

Professor Peter Kenen is a leading US expert on international economic relations. In this excellent little book, he analyses the prospects for Economic and Monetary Union.

Firstly, he shows the difficulties that countries are having when their governments try to meet the criteria for Economic and Monetary Union. He points out that in 1994 none of the twelve European Community countries met all four criteria; Italy and Portugal met none of them. Six countries failed the inflation test; two had interest rates too high; ten had fiscal deficits too high, and eight had excessive public debts.

Since then, European Union economies have stagnated or shrunk, so they are even further from meeting the criteria. Four of the six countries with debt ratios above 75 per cent of Gross Domestic Product (GDP) in 1993 ran bigger budget deficits in 1994 than in 1992, so they would have to make even bigger cuts in their deficits before they can start to cut their debt ratios.

The Governments are in a dilemma: they cannot cut their budget deficits quickly to the stipulated three per cent without depressing real economic activity. And the more they deflate their economies, the less popular support there is for Economic and Monetary Union. Professor Kenen sums up, "It is thus unlikely that a majority of EC countries will be ready for Stage Three in 1997, when a majority is required to set a starting date, and it may be hard to muster a majority in 1999 - although a majority is not needed then." Stage Three is supposed to start automatically in 1999!

Secondly, Kenen studies the likely results if Governments seriously try to meet the criteria. He cites Buiter et al, writing in Economic Policy: "Greece, Italy, Belgium and Ireland need serious fiscal retrenchment, but getting even halfway to the Maastricht debt targets ... involves dangerous fiscal overkill. A blatantly unrealistic debt target is unhelpful for these countries in designing effective fiscal programs." They write that the necessary scale of retrenchment would involve "the economics of the lunatic asylum."

Kenen also cites the Centre for European Policy Studies in Brussels, which says that "If the Maastricht targets are adhered to, something significant will have to give in terms of public expenditure in many EC countries, with social consequences which could be highly disruptive. Clawing back public deficits which are across the Community higher in GDP percentage terms than they have been at any moment since the EC was founded, at a time when more and more 'legitimate' demands are made on the public purse, looks increasingly like trying to run up a downward moving escalator."

Thirdly, Kenen looks at the costs of joining Economic and Monetary Union. He cites the economists Ghosh and Wolf who estimate that joining it would cost as much as 2.5 per cent of the European Union's total GDP. The European Union's own employment committee said that Economic and Monetary Union would destroy ten million jobs in the European Union.

Supporters of Economic and Monetary Union like to claim that it would curb the speculators, tame finance capital, and end financial crises. But what does Kenen conclude? "In the first years of Economic and Monetary Union, then, the G-7 countries may find it harder to agree on policies and strategies for exchange rate management, and Economic and Monetary Union may thus lead to exchange rate fluctuations wider than those seen since the Louvre Accord [of 1987]. That would be truly ironic. Economic and Monetary Union is meant to replace the EMS (European Monetary System), which emerged from the desire to create a zone of monetary stability in Europe. Yet the achievement of that goal may have the effect of producing greater exchange rate instability at the global level."

A single European currency would not end speculation. It would still be operating in the world of global speculative flows. A single currency would be the focus for speculation against the dollar and the yen, and a smaller number of currencies could generate even more rapid and destabilising speculative flows.

So, to sum up, Kenen's book shows us that Economic and Monetary Union would be extremely difficult and painful to achieve. It would mean savage cuts in public spending (an estimated £18 billion in Britain), a 2.5 per cent reduction in GDP, and greater exchange rate instability. The cuts in public spending would also increase unemployment, reduce wages and worsen our public services...

This is a handbook of Euro.......2000-08-10

EMU is the most important international economic event since the Bretton Woods Agreements of 1944.It will represent a further step in the process of economic integration within the European Union. The effects of the monetary union will be felt primarily in the Euro area participating countries. At the same time, Euro will affect international monetary system. Euro's taking its place among the major international currencies is going to be gradual. This process will be quite important for the countries those with the close economic relationships with the European Monetary Union member countries. This book is a must read for all interested in the Euro...

Monetary Theory: National and International

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Monetary Theory: National and International
Alvaro Cencini
Manufacturer: Routledge
ProductGroup: Book
Binding: Paperback

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ASIN: 0415110556

Book Description

In Monetary Theory: National and International, Alvaro Cencini argues that a new approach to the analysis of bank money is needed which is capable of providing modern analytical instruments based on the intrinsic nature of bank money. Conventionally, monetary problems are examined with reference to a monetary framework which has little to do with the real world of banking. The purpose of this book is to provide an alternative analysis to monetary economics based on the very distinctive properties of bank money. Monetary problems are investigated from a structural point of view. Of special interest is the distinction made between money and income which is rooted in the everyday practices of central and secondary banks. The book also examines exchange rate instability and financial crisis and finally, sets forward an alternative proposal for European Monetary Union.

EMU and the International Monetary System

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EMU and the International Monetary System

Manufacturer: International Monetary Fund
ProductGroup: Book
Binding: Paperback

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ASIN: 1557756643

Book Description

This book contains the proceedings of the seminar held in Washington, D.C., on March 17-18, 1997, cosponsored by the IMF and Fondation Camille Gutt. Conference participants discussed implications of European Economic and Monetary Union (EMU) on exchange and financial markets, and consequently on the activities of market participants and private and official institutions. The five main themes of the seminar were the characteristics of the euro and its potential role as an international currency, EMU and international policy coordination, EMU and the relationship between the IMF and its EMU members, lessons of European monetary integration for the international monetary system, and the transition to EMU.

European Monetary Union: Progress and Prospects

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European Monetary Union: Progress and Prospects
H. M. Scobie
Manufacturer: Routledge
ProductGroup: Book
Binding: Hardcover

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ASIN: 0415174082

Book Description

Analyzing the effects of a unified European currency and assessing the pressures of fixed exchange rates, this text combines extensive essays on monetary union with detailed case-studies of particular countries.

Financial Markets and European Monetary Cooperation: The Lessons of the 199293 Exchange Rate Mechanism Crisis (Japan-US Center UFJ Bank Monographs on International Financial Markets)

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Financial Markets and European Monetary Cooperation: The Lessons of the 199293 Exchange Rate Mechanism Crisis (Japan-US Center UFJ Bank Monographs on International Financial Markets)
Willem H. Buiter , Giancarlo Corsetti , and Paolo A. Pesenti
Manufacturer: Cambridge University Press
ProductGroup: Book
Binding: Paperback

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Book Description

Why was the European Monetary System in 1992-93 swept by waves of disruptive speculative attacks? And what lessons emerged from that episode as regards the future of the European Monetary Union? This book provides a comprehensive assessment of the causes and implications of the 1992-93 crisis of the exchange rate mechanism. Cogent factual presentation, original theoretical analysis, and an interpretation rooted in theory, make this treatment by three leading economists essential reading to understand the process toward economic and political integration in Europe.

European Monetary Conversion: Solutions for Successful Implementation

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European Monetary Conversion: Solutions for Successful Implementation
Anthony W. Mace , and Kim L. Hopkins
Manufacturer: Computer Technology Research Corporation
ProductGroup: Book
Binding: Paperback

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ASIN: 156607052X

The Impact of EMU on Europe and the Developing Countries (Wider Studies in Development Economics)

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The Impact of EMU on Europe and the Developing Countries (Wider Studies in Development Economics)

Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Hardcover

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ASIN: 0199245312

Book Description

Now that EMU is here and likely to stay, the "second generation" of research is under way. This volume presents a significant sample of that research and explores questions such as: How do central bankers who used to run their own banks now melt into a single pot? Are labour markets going to
shape up? Is the euro becoming a world currency?

Adjustment and Growth in the European Monetary Union

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Adjustment and Growth in the European Monetary Union

Manufacturer: Cambridge University Press
ProductGroup: Book
Binding: Hardcover

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Book Description

This volume analyzes the European Community's transition to economic and monetary union (EMU) in the light of the agreements reached at Maastricht last year. It derives from a conference held by the CEPR and the Bank of Portugal, and includes among its contributors a number of noted academic commentators on European integration. The issues addressed in the volume include: the relationship between a common currency and inflation convergence; the effects of monetary unification on Europe's increasingly integrated financial markets and fiscal systems; and EMU's implications for the EC's long-term growth.

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Never get lost in translation again!

Ideal for the vacation or business traveler, the handy, pocket-size Harrap’s Turkish Phrasebook covers every topic--from trains, planes, and automobiles, to hotels, health, and restaurants. You get instant access to thousands of essential words and phrases, organized in chapters by theme, that explain what questions to ask, how to ask them clearly and correctly, and what kinds of answers to expect in reply. Includes a fold-out map of Istanbul.

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Harrap's Turkish Phrase Book

Manufacturer: Macmillan General Reference
ProductGroup: Book
Binding: Paperback

Harrap's Turkish Phrase Book (Phrase Books)

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Harrap's Turkish Phrase Book (Phrase Books)
No Author
Manufacturer: Chambers Harrap Publishers Ltd
ProductGroup: Book
Binding: Paperback
ASIN: B000OPVSSO

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