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The Liberalization of Capital Movements in Europe - The Monetary Committee and Financial Integration 1958-1994 (Paperback, Softcover reprint of the original 1st ed. 1996)
Loot Price: R1,429
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The Liberalization of Capital Movements in Europe - The Monetary Committee and Financial Integration 1958-1994 (Paperback, Softcover reprint of the original 1st ed. 1996)
Series: Financial and Monetary Policy Studies, 29
Expected to ship within 10 - 17 working days
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The member states are facing the choice between either reaping the
benefits of increasing integration in a certain area - in this case
the capital markets - attended by a significant reduction in
national powers of autonomous decision-making and independence, or
retaining this national independence enabling them to pursue their
own policy objectives with the aid of instruments selected at their
discretion. To this question, there is no generally valid answer.
The solution is determined by the weight assigned to the benefits,
on the one hand, and that assigned to the reduction in national
sovereignty, on the other. This, however, is a subjective matter,
which is assessed differently in the various countries. OnnoRuding,
1969 1. 1 CAPITAL LffiERALIZATION AND MONETARY UNIFICATION In the
1980s Europe made a leap forward towards the liberalization of
capital movements. EEC directives were accepted by all member
states obliging them to abolish all remaining exchange controls.
This common objective of freedom of capital movements has been
consolidated in the Treaty on European Union. Nowadays virtually
all restrictions have been lifted. This stands in striking contrast
to the state of affairs only a decade ago, when many countries
still operated a tight regime. Although the Treaty of Rome provided
for the freedom of capital movements, this objective was
circumscribed by the clause that such liberalization should only be
carried through to the extent necessary to ensure the proper
functioning of the Common Market.
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