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Showing 1 - 5 of 5 matches in All Departments
The future emergence of a European monetary zone is set to
transform the configuration of the international monetary system
and the roles of the dollar, the Euro and the yen within this
system. This book addresses this issue with discussion of:
Over the first ten years of its existence, the euro has proved to be more than a powerful symbol of collective identity. It has provided price stability to previously inflation-prone countries; it has offered a shelter against currency crises; and it has by and large been conducive to budgetary discipline. The eurozone has attracted five new members in addition to the initial eleven, and many countries in Europe wish to adopt it.The euro has also been successful internationally. Even though research presented in this volume confirms that it has not rivaled the dollar's world currency status, it has certainly become a strong regional currency in Europe and the Mediterranean region. Some countries in the region have de facto adopted it, several peg to it, and many have become at least partially euroized. However, the euro's impressive first decade is likely to be followed by a much more difficult period. The present financial crisis is posing at least two important challenges: real economic adjustment within the euro area and maintenance of fiscal and financial stability without a central government authority capable of taking appropriate financial and fiscal decisions in difficult times.The papers and remarks in this volume demonstrate that the euro has proved to be attractive as a fair weather currency for countries and investors well beyond its borders. But it remains to be seen whether it is equipped to also succeed as a stormy weather currency.
The creation of an economic and monetary union (EMU) in Europe is among the most important_and controversial_developments of the 1990s. This clear and balanced book brings together economists and political scientists to explain why the creation of a European monetary union is so contentious; how the debate has affected the political determination to construct a monetary union; and how it will influence the functioning of EMU into the next century. Focusing on how economics and politics interact both in the prelude to unification and in its aftermath, the authors provide an innovative analysis of a spectrum of related issues: how EMU relates to Europe's unemployment crisis, how it will affect the process of economic adjustment, what convergence means for the performance of the member states separately, and how the member states will decide both whether to participate themselves and whom else to admit to the monetary club.
Written by four recognized experts with senior experience in
research and government, this text is the first comprehensive
survival kit for students and practitioners of economic policy. It
is set to become an indispensable resource for everyone involved or
interested in modern economic policy. Academic scholars willing to
engage in policy discussions and students at graduate or advanced
undergraduate levels will find it an essential bridge to the policy
world.
Over the past decade European economic integration has seen
considerable institutional success, but the economic performance of
the EU has been varied. While macroeconomic stability has improved
and an emphasis on cohesion preserved, the EU economic system has
not delivered satisfactory growth performance.
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