Recent efforts to create a European Central Bank (ECB) have
stimulated debate on new 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 co-ordination 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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