Economic and Monetary Union in Europe

Economic and Monetary Union in Europe

Theory, Evidence and Practice

Edited by Mark Baimbridge and Philip Whyman

Economic and Monetary Union in Europe brings together contributions from leading specialists which explain and evaluate the most important implications of economic and monetary union. The book examines theoretical aspects of monetary integration, illustrates the historical lessons to be learned from these and discusses the resulting policy consequences.

Index

Edited by Mark Baimbridge and Philip Whyman

Subjects: economics and finance, financial economics and regulation

Extract

Added to a page number ‘f’ denotes a figure and ‘t’ denotes a table. accountability, ECB 36 accumulation effects 150–52 quantifying 158–9 Agenda 2000 131, 132 agenda setting power, ECB 115–18 agreements, EMU 121–2 anti-equilibrium monetary policies 24–5, 27 anti-monde integration assessment 153 for investment 151 asymmetric shocks differing economies and institutions 59, 108 disagreement over monetary policy 107 exchange rate policy 19–20, 21 fiscal policy 37 impact of EMU 4–5 product mix diversity 22 Australia, gross public debt 90t Austria EMU membership and budget deficit (1998) 38f foreign labour 73t government financial balance (1993–98) 82t gross public debt 90t wages (1985–96) 75t Balassaa-Samuelson effect 139 bank drafts, Scandinavia agreement (1905) 51–2 clearing arrangement 50–51 banking sector, transition economies 135 banking supervision 35–6 banknotes, Scandinavian clearing arrangement 51 bargaining process, ECB decisions 119 Barro-Gordon model 26–8 Belgium EMU membership and budget deficit (1998) 38f GDP, removal of German fiscal shock 64t government financial balance (1993–98) 82t gross public debt 90t labour market institution 74t migration (1985–95) 72t wages (1985–96) 75t Bretton Woods system 3 budget deficits convergence criteria 2 fiscal policy 36–9 Italy, Spain and Portugal 81–2 reductions, EU countries 82 restrictions on 32 Bulgaria, exchange rate regime 133 Bundesbank 32, 92, 104, 108 Bundesbank Council 119 business, single currency 3 Canada core inflation 139 exports as % of GDP 59t gross public debt 90t capital movements, during Scandinavian union 54 central...