Previous efforts to create a European Central Bank (ECB) have
stimulated debate on topics for research into the political economy
of the European Community's institutions. These include the exact
division of responsibilities of national governments and the ECB -
especially concerning exchange rate policy; the need for and design
of constraints on national fiscal policies; and the nature of the
transition from adjustable parities and national monetary policies
to irrevocably fixed parities and a single European monetary
policy. The book also considers the implications of EMU for the
international monetary system - for the use of the ECU as a reserve
currency and for policy coordination among the G-7 countries. The
volume thus provides a comprehensive examination of the issues that
will be decisive for Europe in its choice of monetary institutions.
General
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