To form a more perfect economic union and to establish a single
market financially, economically and politically, 11 European
countries founded a common currency and a European Central Bank,
and created a new monetary unit, the euro, on 1st January, 1999. On
that date, the old national currencies officially became subunits
of the euro, much as the nickel and quarter are subunits of the
dollar.
Fifteen countries started down the road to monetary union in
1992, when they signed the Treaty on European Union, commonly known
as the Maastricht Treaty, which outlined a basic structure for the
alliance. However, of those 15 countries, only 11 initially joined
the European Monetary Union (EMU): three countries opted out, and
another did not meet the economic criteria established for
membership in the union. The EMU countries decided that the
benefits of having one common currency instead of 11 different ones
would outweigh the costs, especially given the amount of travel,
trade and financial flow that takes place between these countries.
This volume considers effects on capital and goods markets of
monetary union in general and European Monetary Union (EMU) in
particular. The effects of monetary union addressed here broadly
fall into three categories -adjustments in goods and labor markets,
adjustments in money and capital markets, and institutional
adjustments when a group of countries adopt a common currency (and
a common monetary policy), but retain quasi- independent fiscal
(and other economic) policies. The relation between monetary union
and capital market integration is also highlighted.
General
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