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Monetary Policy Instruments for European Monetary Union (Paperback, Softcover reprint of hardcover 1st ed. 1997)
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Monetary Policy Instruments for European Monetary Union (Paperback, Softcover reprint of hardcover 1st ed. 1997)
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This book represents the revised and enlarged results of a research
projeet whieh recieved fmaneial support from the
"Wissenschaftsforderung der Sparkassenorganisation e.V." and was
originally published in German (Menkhoff 1996). As the issue of
monetary poliey instruments for EMU is one whieh is inherently
international, the publieation of an English edition is a logieal
step. I whish to thank the Deutscher Sparkassenverlag, whieh
published the German edition, for eneouraging work on this
subsequent projeet. The major innovation in the English edition is
the inc1usion of several new seetions, i.e. 3.2.4, 3.3.4, 3.3.5,
3.4.3 and 3.5. These new analyses, together with changing
institutional eireumstanees and the addition of new literature have
also resulted in a large number of minor ehanges through
outthetext. The book is a contribution, from a German perspeetive,
to the diseussion about monetary poliey instruments of the future
European Central Bank. The main instruments are analyzed from the
point of view of effieieney; in addition, the need to harmonize
often divergent sets of national poliey instruments means that an
emphasis on the additional goal of fair eompeti tion is of
partieular relevanee. Last but not least, the explieit linking of
EMU to the eoneept of subsidiarity has wide-ranging eonsequenees
for monetary poliey instruments."
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