European Monetary Integration

European Monetary Integration

Past, Present and Future

Edited by Eric J. Pentecost and André Van Poeck

This highly topical book examines the development and future prospects for economic and monetary union in Europe. European Monetary Integration examines the background to economic and monetary union from a historical perspective that distinguishes between national and supranational currency areas, and an optimal currency area theory. The gradualist transition process is also considered.

Preface

Edited by Eric J. Pentecost and André Van Poeck

Subjects: economics and finance, financial economics and regulation, money and banking

Extract

This text is based on an EU-funded Intensive Programme on European Monetary Union. The three-year programme which ran in Antwerp, Loughborough and Berlin in 1998, 1999 and 2000 respectively, was coordinated by the University of Antwerp (UFSIA) with participation from Loughborough University (England), the Free University of Berlin, the University of Paris 1 and Athens University of Economics and Business. The editors are grateful to all of the participating academics who made this programme such a successful venture, and without the enthusiasm and cooperation of whom this book would not have reached fruition. The editors owe a special debt to Euclid Tsakalotos who made perceptive and constructive comments on most of the chapters that appear in this volume. In addition to the academic lectures that the students received, which are included in this volume, the programme also involved a number of field trips to various European Union and national institutions to listen to talks and analysis from practitioners whose work involves them with different aspects of European Monetary Union (EMU). The local organizers are extremely grateful for the time and invaluable advice given to the students who participated in the various field trips. In Antwerp in 1998 visits were made to the National Bank of Belgium and the European Central Bank (ECB). In 1999 the programme in Loughborough took students to the Association of British Insurers, Lloyds Insurance Market and the Bank of England; and in Berlin in 2000, visits were made to the Deutsche Bank, the ECB and the...