In this book, the author presents fresh perspectives on the theories surrounding European Monetary Union. Urging the reader to examine conventional ideas from new viewpoints, he discusses the events which led to EMU, analyses the current situation, and projects possible futures.
Essential reading for academics and professionals concerned with the background and implications of EMU, this book will also be of considerable interest to scholars in the fields of European studies, monetary economics, international economics and economic history.

eBook available with sample pages: 0203165926

This book deals with the relationship between the competitiveness of countries in Europe and the analysis of macroeconomic imbalances. It focuses mainly on a European analysis, along with special studies of the German economy, which is rarely considered to be a cause for the current crisis. The book also compares Germany with Italy, providing a comparative perspective on structural reforms. The first part of this book analyses macroeconomic imbalances based on a new framework from the analysis of the flow of founds rather than balance of payments, and presents an alternative measure of unit labour cost comparisons to investigate the relationship between imbalances and competitiveness. The second part is dedicated to the analysis of the trade performance of Germany and Italy and the sustainability of the German model in the EMU. The third part describes the reform policies implemented by Germany and their effect on imbalances; this includes wage moderation, the labour market reforms and weak labour demand. The final part explores the regional inequalities within Germany and Italy, providing useful lessons regarding fiscal federalism and regional banking developments. In conclusion, a big part of the problems within the Euro Area are generated by the use of a wrong framework of analysis, where the EMU is considered as a fixed exchange rate regime and not a single country. This book provides an alternative view which holds at the core the relationship between sectors. It is stressed throughout the book that the German behaviour has contributed to the rise of imbalances between countries due to its growth model, not suitable for a big developed country in a currency union. This book also finds that stressing banking integration within countries helps to reduce regional inequalities, which has important implications for the management of Europe's future banking union and macroeconomic imbalances.

This book looks at the role of the Association for Monetary Union in Europe's role in the construction of the Euro. It argues that the AMUE played a prominent role in the adoption of a number of proposals related to the single currency and had a guiding influence on the transition from a market-let to an institution-centred approach to monetary union.

eBook available with sample pages: 0203222172

This book deals with the relationship between the competitiveness of countries in Europe and the analysis of macroeconomic imbalances. It focuses mainly on a European analysis, along with special studies of the German economy, which is rarely considered to be a cause for the current crisis. The book also compares Germany with Italy, providing a comparative perspective on structural reforms. The first part of this book analyses macroeconomic imbalances based on a new framework from the analysis of the flow of founds rather than balance of payments, and presents an alternative measure of unit labour cost comparisons to investigate the relationship between imbalances and competitiveness. The second part is dedicated to the analysis of the trade performance of Germany and Italy and the sustainability of the German model in the EMU. The third part describes the reform policies implemented by Germany and their effect on imbalances; this includes wage moderation, the labour market reforms and weak labour demand. The final part explores the regional inequalities within Germany and Italy, providing useful lessons regarding fiscal federalism and regional banking developments. In conclusion, a big part of the problems within the Euro Area are generated by the use of a wrong framework of analysis, where the EMU is considered as a fixed exchange rate regime and not a single country. This book provides an alternative view which holds at the core the relationship between sectors. It is stressed throughout the book that the German behaviour has contributed to the rise of imbalances between countries due to its growth model, not suitable for a big developed country in a currency union. This book also finds that stressing banking integration within countries helps to reduce regional inequalities, which has important implications for the management of Europe's future banking union and macroeconomic imbalances.

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:
* exchange rate policies pursued in the principal Asian countries
* the measurement of equilibrium exchange rates for these countries
* the maintenance of the dollar peg by Asian currencies
* the absence of a trend to monetary regionalism based on the yen
* the outlook of regional monetary co-operation
* the outlook of regional monetary co-operation
Case studies pay particular attention to Korea, Taiwan, Singapore and Thailand.

This edited volume proposes an innovative approach to European Integration by combining economics and political theory in its study of public goods. The contributors review such elements as a neo-medieval governance, the merits of a new European Republic, and, alongside Europe, include South East Asia in its discussions. By addressing different issues within the overarching approach of public goods and the republican paradigm of governance, Collignon introduces an important new perspective.

1. Die Europaische Gemeinschaft leidet wieder einmal an einem Anfall von Euro-Pessimismus. Ihn hat es in der Geschichte der Gemeinschaft regelmaBig gegeben, und zwar immer dann, wenn die Burger und ihre politischen Fuhrer vergessen, daB eine Kooperation in der Gemeinschaft fur aile groBeren Wohl- stand ermoglicht als einzelne Lander auf sich allein gestellt erreichen konnen. 2. Wir sollten uns wieder an den Kooperationsgeist der europaischen Integrati- on erinnern, den Jean Monnet 1954 so eindrucksvoll zum Ausdruck gebracht hat: "In einem System, in dem die Lander es vorziehen, getrennt voneinander zu leben, ist das, was von jedem Staat erreicht werden kann, durch seine eige- nen Anstrengungen begrenzt, es gelingt ihm nur auf Kosten seiner Nachbarn und durch Verlagerung seiner heimischen Schwierigkeiten ins Ausland. In un- serer Gemeinschaft ist das, was jedes Mitgliedsland erreichen kann, das Er- gebnis gemeinsamen Wohlstandes. " 3. Seither hat die europaische Integration erhebliche Fortschritte gemacht. Der Binnenmarkt ist mittlerweile eine feste Realitat, in der die Wirtschaft langfristi- ge Strategien fUr Investitionen und Wirtschaftswachstum entwickelt hat. Diese neuen Rahmenbedingungen erfordern Geldwertstabilitat und mussen in eine Wirtschafts-und Wahrungsunion mit einer einheitlichen Wahrung munden. 4. Die derzeitigen Schwierigkeiten der europaischen Integration sowohl im po- litischen als auch im wirtschaftlichen Bereich sind auf die Tatsache zuruckzu- fUhren, daB unkooperative Strategien zu unzureichenden politischen Ergebnis- sen fuhren. Dies zeigt sich besonders deutlich anlaBlich der EWS-Krise im Herbst 1992 und der anhaltend hohen Arbeitslosigkeit.