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Author: Daniela Schwarzer Publisher: Nomos Verlagsgesellschaft ISBN: Category : Business & Economics Languages : en Pages : 208
Book Description
This book studies the formal creation and the gradual change of the Stability and Growth Pact in the European Monetary Union (EMU). The book explains why and how the Pact was pushed through by Germany despite fierce opposition from the majority of member states. It provides a unique, in-depth analysis of how a new coalition of member states, including Germany, achieved a creeping reinterpretation of the rules which prepared the way for a formal reform of the Pact in 2005, ten years after its invention. Four case studies show why and how the margin of maneuver inherent in the Pact was used to accommodate the preferences of those governments which were in breach of the Pact, and explains how they managed to lower the costs of change. To analyze these formal and informal dynamics, the study develops a model of institutional change which focuses on the actors, their preferences, and the systemic intermediation of national preferences. This model is applicable to other policy fields in the multi-level EU system. By offering new insights into the conflict potential inherent in the interplay of national preferences and European fiscal rules, the book feeds into the recent debate on the necessity and feasibility of a political union in the evolving EMU.
Author: Daniela Schwarzer Publisher: Nomos Verlagsgesellschaft ISBN: Category : Business & Economics Languages : en Pages : 208
Book Description
This book studies the formal creation and the gradual change of the Stability and Growth Pact in the European Monetary Union (EMU). The book explains why and how the Pact was pushed through by Germany despite fierce opposition from the majority of member states. It provides a unique, in-depth analysis of how a new coalition of member states, including Germany, achieved a creeping reinterpretation of the rules which prepared the way for a formal reform of the Pact in 2005, ten years after its invention. Four case studies show why and how the margin of maneuver inherent in the Pact was used to accommodate the preferences of those governments which were in breach of the Pact, and explains how they managed to lower the costs of change. To analyze these formal and informal dynamics, the study develops a model of institutional change which focuses on the actors, their preferences, and the systemic intermediation of national preferences. This model is applicable to other policy fields in the multi-level EU system. By offering new insights into the conflict potential inherent in the interplay of national preferences and European fiscal rules, the book feeds into the recent debate on the necessity and feasibility of a political union in the evolving EMU.
Author: International Monetary Fund Publisher: International Monetary Fund ISBN: 1451844239 Category : Business & Economics Languages : en Pages : 33
Book Description
Recently, monetary authorities have increasingly focused on implementing policies to ensure price stability and strengthen central bank independence. Simultaneously, in the fiscal area, market development has allowed public debt managers to focus more on cost minimization. This “divorce” of monetary and debt management functions in no way lessens the need for effective coordination of monetary and fiscal policy if overall economic performance is to be optimized and maintained in the long term. This paper analyzes these issues based on a review of the relevant literature and of country experiences from an institutional and operational perspective.
Author: Michael Carlberg Publisher: Springer Science & Business Media ISBN: 9783540244455 Category : Business & Economics Languages : en Pages : 336
Book Description
This book studies the international coordination of monetary and fiscal policies in the world economy. It carefully discusses the process of policy competition and the structure of policy cooperation. As to policy competition, the focus is on monetary and fiscal competition between Europe and America. Similarly, as to policy cooperation, the focus is on monetary and fiscal cooperation between Europe and America. The spillover effects of monetary policy are negative while the spillover effects of fiscal policy are positive. The policy targets are price stability and full employment. The policy makers follow either cold-turkey or gradualist strategies. Policy expectations are adaptive or rational. The world economy consists of two, three or more regions. The present book is part of a larger research project on European Monetary Union, see the references at the back of the book. Some parts of this project were presented at the World Congress of the International Economic Association in Lisbon. Other parts were presented at the International Institute of Public Finance, at the Macro Study Group of the German Economic Association, at the Annual Meeting of the Austrian Economic Association, at the Gottingen Workshop on International Economics, at the Halle Workshop on Monetary Economics, at the Research Seminar on Macroeconomics in Freiburg, and at the Passau Workshop on International Economics.
Author: Fabian Amtenbrink Publisher: Oxford University Press ISBN: 019251248X Category : Law Languages : en Pages : 1808
Book Description
Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform.
Author: Sylvester C. W. Eijffinger Publisher: Oxford University Press on Demand ISBN: 9780198776161 Category : Business & Economics Languages : en Pages : 199
Book Description
At the launch of the Euro, predictions about what has been dubbed "Euroland" were mixed. Supporters say the unprecedented switch to a single currency will benefit business and consumers alike. But critics warn that EMU is a giant leap into the unknown. The purpose of this book is to bring together the available evidence to date about EMU, focusing on European monetary and fiscal policy. Sylvester Eijffinger and Jakob de Haan have produced a fresh and forward-looking account of the issues surrounding monetary integration. Their analysis includes the functions and goals of the European Central Bank, the Treaty on European Union, the Stability and Growth Pact, and the harmonization of taxes. They go on to discuss the targets and instruments of European monetary policy, the relationships between the 'ins' and 'outs' within Europe, the integration of European financial markets, and the competition between financial institutions in Europe. Finally, the international role ofthe Euro and future of international policy co-ordination are investigated. The text has been presented for maximum clarity: each chapter concludes with a summary of the main issues, and case material and key topics are highlighted in boxes in order to help students focus on essential information. This thorough, innovative, and well-researched analysis has been carefully tailored to meet the course needs of undergraduate students of economic integration, European economics, international economics, and European studies.
Author: Mr.Giovanni Dell'Ariccia Publisher: International Monetary Fund ISBN: 1484359623 Category : Business & Economics Languages : en Pages : 54
Book Description
This paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Author: Michael Emerson Publisher: ISBN: 9780198773245 Category : Business & Economics Languages : en Pages : 356
Book Description
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.
Author: Mario Mansour Publisher: International Monetary Fund ISBN: 1484338774 Category : Business & Economics Languages : en Pages : 41
Book Description
We review the current state of the West African Economic and Monetary Union’s tax coordination framework, against the main objectives of the WAEMU Treaty of 1994: reduce distortions to intra-community trade, and mobilize domestic tax revenue. The process of tax coordination in WAEMU is one of the most advanced in the world—de jure at least—, but remains in many areas ineffective de facto. Nevertheless, the framework has, to some extent, succeeded in converging tax systems, particularly statutory tax rates, and may have contributed to improving revenue mobilisation. Important lessons can be drawn from the WAEMU experience, particularly in terms of whether coordination should take the form of harmonization through a top-down approach, or a softer approach of sharing best practice and limiting certain types of tax competition.
Author: Mr.Jeffrey R. Franks Publisher: International Monetary Fund ISBN: 1484338499 Category : Business & Economics Languages : en Pages : 47
Book Description
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.
Author: Daniela Schwarzer
Author: Daniela Schwarzer
Author: International Monetary Fund
Author: Michael Carlberg
Author: Fabian Amtenbrink
Author: Sylvester C. W. Eijffinger
Author: Mr.Giovanni Dell'Ariccia
Author: Michael Emerson
Author: Hanspeter K. Scheller
Author: Mario Mansour
Author: Mr.Jeffrey R. Franks