Achieving monetary union in Europe / by Andrew Britton and David Mayes

Author(s): Britton, Andrew (Andrew J.)
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Subjects: Monetary policy--European Economic Community countries
Monetary unions--European Economic Community countries
Formats: Print
Material Type: Books
Language: English
Audience: Unspecified
Published: London ; Newbury Park, Calif. : Sage Publications, 1992
LC Classification: H, HG
Physical Description: xv, 144 p. : ill. ; 22 cm
Table of Contents: Preface
Summary
1. The road to monetary union 1
The postwar international economic order
Integration in Europe
The precursor to Maastricht in the 1970s
The European Monetary System
Closer European integration
The economic transformation of the Community
The basis for Maastricht
2. The Maastricht Treaty on EMU 22
The main provisions
Stage 3
The form of the ECSB and the constitution of the ECB
Economic policy
Other aspects of the Maastricht Treaty directly impinging on monetary union
The nature of the new treaty and the compromises it involves
The need to compromise
The aims and accountability of the ECB
The process of transition
The extent of economic union required
The need for social and economic cohesion
3. Economic and monetary policy in a United Europe 38
Price stability
Monetary policy
The exchange rate of the ecu
Fiscal policy in an EMU
Reactions to shocks
4. Achieving and maintaining convergence 50
Nominal convergence
Maintaining convergence
Wage and price flexibility
The role of national governments
Fiscal policy in member states
Restoring full employment
Structural convergence
Conclusion
5. Cohesion and economic and monetary union 63
The importance of cohesion and real convergence as a precondition for monetary union
What can the Community's policy achieve for cohesion
The budgetary perspective for 1993-8
Further measures
Concluding remark
6. Broadening the Community 79
EFTA and monetary union
A southwards expansion?
Eastern and central Europe, a major problem and an opportunity for the ecu
Broadening and deepening
7. The member states 92
Germany
France
Italy
The United Kingdom
Spain
The Netherlands
Belgium and Luxembourg
Denmark
Greece
Portugal
Ireland
Conclusions
8. Microeconomic conditions for monetary union 126
The immediate microeconomic considerations from monetary union
The wider framework of change
Implementing the single currency
9. The timetable 135
Achieving the timetable
A partial EMU
References 143
Additional Authors: Mayes, David G
National Institute of Economic and Social Research
Association for the Monetary Union of Europe
Notes: LCCN: 92050236
ISBN: 0803987188
ISBN: 0803987196 (pbk.)
"Prepared by the National Institute of Economic and Social Research for the Association for the Monetary Union of Europe."
Includes bibliographical references (p. [143]-144)
OCLC Number: 28016474
ISBN/ISSN: 0803987188
0803987196