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Making the European Monetary Union

Making the European Monetary Union PDF Author: Harold James
Publisher: Harvard University Press
ISBN: 0674070941
Category : Business & Economics
Languages : en
Pages : 324

Book Description
Europe’s financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro’s invention. Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar’s privileged position in the international monetary system, and Germany’s persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community’s Committee of Central Bank Governors and the Delors Committee of 1988–89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.

Making the European Monetary Union

Making the European Monetary Union PDF Author: Harold James
Publisher: Harvard University Press
ISBN: 0674070941
Category : Business & Economics
Languages : en
Pages : 324

Book Description
Europe’s financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro’s invention. Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar’s privileged position in the international monetary system, and Germany’s persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community’s Committee of Central Bank Governors and the Delors Committee of 1988–89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.

Making the European Monetary Union

Making the European Monetary Union PDF Author: Harold James
Publisher: Harvard University Press
ISBN: 0674068084
Category : Business & Economics
Languages : en
Pages : 584

Book Description
Europe’s financial crisis cannot be blamed on the Euro, James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to conundrums that were debated but not resolved at the time of the Euro’s invention. And, Euro or no Euro, these clashes will continue into the future.

The Road to Maastricht

The Road to Maastricht PDF Author: Kenneth H. F. Dyson
Publisher: Oxford University Press
ISBN: 019829638X
Category : Business & Economics
Languages : en
Pages : 884

Book Description
Economic and monetary union in the European Union represents a massive change for Europe and for the world. The Road to Maastricht identifies why the agreement was possible and how the agreement was made. The book examines the motives that inspired European political leaders, the strategies that they pursued, and the institutions that were used to achieve monetary union. Drawing on a wide range of sources and unprecedented research and interviews, the book combines careful political analysis with new information about the way in which European Monetary Union was negotiated. It delves into the complex forces at work in Europe, including the cross-national political interactions, to produce an authoritative account of the boldest and riskiest venture in the history of European integration.

Monetary Policy in Times of Crisis

Monetary Policy in Times of Crisis PDF Author: Massimo Rostagno
Publisher: Oxford University Press
ISBN: 0192895915
Category : Business & Economics
Languages : en
Pages : 449

Book Description
The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe.

Architects of the Euro

Architects of the Euro PDF Author: Kenneth Dyson
Publisher: Oxford University Press
ISBN: 019105478X
Category : Political Science
Languages : en
Pages : 328

Book Description
Who were key figures in the making of European monetary union? Which ideas did they contribute to ensuring that monetary union would be sustainable? How prescient were they in identifying the necessary and sufficient foundations of a sustainable monetary union? This book provides the first systematic historical examination of key architects of European monetary union in the period before its launch in 1999. Using original archival and interview research, it investigates the intellectual and career backgrounds of these architects, their networking skills, and their own doubts and reservations about the way in which monetary union was being constructed. In the light of the later Euro Area, Architects of the Euro deals critically with not just their contribution to the making of European monetary union but also their legacy. The book brings together a distinguished group of scholars working on the history of Economic and Monetary Union.

Regional Monetary Integration

Regional Monetary Integration PDF Author: Peter B. Kenen
Publisher: Cambridge University Press
ISBN: 1139466038
Category : Business & Economics
Languages : en
Pages : 199

Book Description
This book surveys the prospects for regional monetary integration in various parts of the world. Beginning with a brief review of the theory of optimal currency areas, it goes on to examine the structure and functioning of the European Monetary Union, then turns to the prospects for monetary integration elsewhere in the world - North America, South America, and East Asia. Such cooperation may take the form of full-fledged monetary unions or looser forms of monetary cooperation. The book emphasizes the economic and institutional requirements for successful monetary integration, including the need for a single central bank in the case of a full-fledged monetary union, and the corresponding need for multinational institutions to safeguard its independence and assure its accountability. The book concludes with a chapter on the implications of monetary integration for the United States and the US dollar.

European Monetary Integration

European Monetary Integration PDF Author: Hans-Werner Sinn
Publisher: MIT Press
ISBN: 9780262194990
Category : Business & Economics
Languages : en
Pages : 206

Book Description
The contributors to this text, all economists and scholars, combine theoretical analysis and policy recommendation in their examination of the difficulties of European monetary integration.

The European Monetary Union

The European Monetary Union PDF Author: Helmut Siekmann
Publisher: Bloomsbury Publishing
ISBN: 1509918981
Category : Law
Languages : en
Pages : 1529

Book Description
This book provides a commentary on the law of the EU related to the Monetary Union. It contains a comprehensive analysis of all provisions of the Statute of the European System of Central Banks (ESCB) and the European Central Bank (ECB). In addition, the book also analyses all provisions of the Treaties themselves which regulate the ESCB and the ECB. This analysis is supplemented by commentaries on other Protocols which contain relevant rules for the Monetary Union. In essence, all relevant statutory rules governing the euro and its key monetary authority, the European Central Bank, are unfolded and explained in one volume. This gives the book a unique position in the legal literature on the law of the EU. With contributions by renowned academics and practitioners, this book is an expanded and updated translation of the 2013 German commentary, EWU Kommentar zu Europäischen Währungsunion (Mohr Siebeck) and is an invaluable resource for practitioners and academics alike who are looking for a provision-by-provision commentary on the laws governing the European Monetary Union.

Appointing Central Bankers

Appointing Central Bankers PDF Author: Kelly H. Chang
Publisher: Cambridge University Press
ISBN: 1139440543
Category : Political Science
Languages : en
Pages : 179

Book Description
This book examines monetary policy by focusing on how the President and the Senate influence monetary policy by appointing Federal Reserve members. It attempts to answer three questions about the appointment process and its effects. First, do politicians influence monetary policy through Federal Reserve appointments? Second, who influences the process - the President alone or both the President and the Senate? Third, what explains the structure of the Federal Reserve appointment process? The test models show that the President alone, both the President and Senate, or neither, may influence monetary policy with Federal Reserve appointments. The structure of the process reflects political battles between the Democrats and Republicans regarding the centralization of authority to set monetary policy within the Federal Reserve System. The study extends the analysis to the European Central Bank and shows that the Federal Reserve process is more representative of society than the European Central Bank process.

The European Union: A Very Short Introduction

The European Union: A Very Short Introduction PDF Author: John Pinder
Publisher: Oxford University Press, USA
ISBN: 0199681694
Category : Business & Economics
Languages : en
Pages : 209

Book Description
John Pinder and Simon Usherwood explain the EU in plain readable English. They show how and why it has developed, how the institutions work, and what it does - from the single market to the euro, and from agriculture to the environment.