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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.
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