Download or read book Inclusion of Central European Countries in the European Monetary Union written by Paul C. de Grauwe and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: The creation of the European Economic and Monetary Union (EMU) and the introduction of the euro is a historical event for the EU countries. The debates on the desirability of the EMU provoked a vast economic literature dealing with the theory of the optimum currency area, costs and benefits of the EMU, symmetric vs. asymmetric shocks, alternative mechanisms of adjustment in a monetary union and so forth. Until recently, for the Central European candidate countries for a full membership in the EU, these issues seemed to be too far away, as they concentrated on devising their own monetary and exchange rate systems suitable for their transition period. The challenges of the EMU for the Central European countries were practically not dealt with in both Western and Eastern economic literature. The present book aims to fill this gap, by focusing on the most direct issue of relevance for the Central European countries with respect to the EMU - why, how and when these countries are expected to join the EMU. The papers included in this volume study the relationship between the EU accession process of the Central European candidate countries and their involvement in the process of European monetary integration.

Download or read book Inclusion of Slovenia and other Central European countries in the European Monetary Integration process written by Vladimir Lavrač and published by . This book was released on 1996 with total page 13 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The European Monetary Union written by Nicola Acocella and published by Cambridge University Press. This book was released on 2020-08-27 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union is at a crossroads. This book analyzes the historical roots of the EU's monetary and financial institutions in order to better understand its struggle to maintain an economic and monetary union, as well as the ongoing problems facing the Euro. The institutions of the EU are based on the operation of free markets, a common monetary policy, and the European Central Bank. These founding policies have created many of the imbalances at the root of the ongoing European recession. Reemerging threats of populism and localism are poised to further disintegrate the European construction and may spark fierce opposition between countries. Acocella engages with these risks, suggesting detailed actions for reform within the EU and its institutions that may steer it away from further conflict, allowing it to better serve its member states and citizens.

Download or read book European States and the Euro written by Kenneth Dyson and published by OUP Oxford. This book was released on 2002-03-07 with total page 431 pages. Available in PDF, EPUB and Kindle. Book excerpt: With Economic and Monetary Union, the European Union has embarked on one of the biggest projects in its history. Previous literature has focused on how EMU came into being and on the policy issues that it raises. European States and the Euro seeks to move the discussion forwards by offering the first systematic evaluation of how it is affecting EU states, both members and non-members of the Euro-Zone. It is the first book to explicitly situate EMU in the growing literature on Europeanization. It examines the effects on public policies, political structures, discourses, and identities. The book seeks to identify the scope of EMU's effects, the direction that it imparts to political and policy changes, the mechanisms by which it produces its effects, and the role of domestic institutions, political leadership and specific forms of discourse in shaping responses. In addition, the book assesses how, and with what effects, EMU is affecting key policy sectors labour markets and wages, welfare states, and financial market governance. What conditions the degree of convergence discernible in these sectors? Finally, the book seeks to 'contextualize' EMU by assessing its effects both in comparison with other variables like globalization and in a historical perspective of the European Monetary System as a 'training ground'. The book combines sectoral and country case studies with a thematic treatment by recognized experts in their fields. It moves from globalization, through EU-level changes, to member states and finally to specific sectors. The main conclusions are that EMU is most important in affecting the timing, tempo and rhythm of domestic change that these changes are experienced pre-eminently at the level of policy; that it strengthens pressures for convergence; but that different domestic institutional arrangements and discourses lead to variations in policy processes and effects and in the way change is 'framed'. In particular, whilst EMU contains a neo-liberalizing tendency exhibited most clearly in financial market effects, it is not to be characterized as a neo-liberal project by means of which the EU is becoming an economic and social space simply converging around Anglo-American market capitalism.

Download or read book Political Aspects of the Economic and Monetary Union written by Sören Zibrandt von Dosenrode-Lynge and published by Ashgate Publishing. This book was released on 2002 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Concentrating on the myriad political aspects of European Monetary Union (EMU), this volume looks at its origin and its operation, and asks the question of whether EMU has an impact on European integration more generally. Discussing the democratic question in terms of the implications of the EMU for the development of democratic institutions and norms on the national and the supranational level, the book also looks at whether it is possible and desirable to have democratic control of the European Central Bank. In addition, Dosenrode analyzes the potential implications of the EMU and looks at the question of the EU and EMU from a 'new regionalism' perspective." "Political Aspects of the Economic and Monetary Union is extremely useful for scholars and students of European studies, economics, modern history and international relations. Libraries and embassies will also find this an essential reference tool."--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved

Download or read book European Monetary Union written by Michael Carlberg and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the new macroeconomics of the European Monetary Union. It carefully discusses the effects of shocks and policy measures on em ployment, prices, and the current account. Take for instance a shock or a policy measure in a specific union country. Then what will be the results in the specific country, in the other union countries, and in the rest of the world? The targets of economic policy are full employment and price stability in each of the union of economic policy are monetary policy by the Euro countries. The instruments pean Central Bank and fiscal policies by national governments. What is the appropriate policy mix? A salient feature of this book is the numerical estimation of shock and policy multipliers. Money wages are fixed, flexible or downward rigid. The monetary union can be small or large. I had many helpful talks with Gerd Focke, Daphni-Marina Papadopoulou, Franco Reither, Wolf Schafer, Christine Schafer-Lochte, and Michael Schmid. In addition, Michael Brauninger and Michael Cyrus carefully discussed with me all parts of the manuscript. Last but not least, Doris Ehrich did the secretarial work as excellently as ever. I wish to thank all of them. Executive Summary 1) Small monetary union of two identical countries, say Gennany and France. The monetary union is a small open economy with perfect capital mobili ty. Let us begin with fiscal policy.

Download or read book The European Monetary Union written by Nicola Acocella and published by Cambridge University Press. This book was released on 2020-08-27 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes the roots of Europe's economic decline, examining institutions of the European Union and exploring possibilities for reform.

Download or read book Europe s Monetary Dis union written by Gideon Rose and published by Foreign Affairs. This book was released on 2015-07-28 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: The project of European integration has always been a dream spurred by a nightmare. To escape the continent’s volatile, bloody past, the argument ran, European countries needed to bind themselves together and forge a harmonious common future. In fits and starts, to varying degrees on varying issues, this project has managed to achieve extraordinary success over the past seven decades, enabling Europe to reach levels of peace and prosperity at which previous generations could only have marveled. But the endeavor has always been more popular with elites than with the masses, has lurched from crisis to crisis, and has struggled to deal with the differences that keep Europe’s disparate parts from forming a seamless whole. Foreign Affairs has been covering the effort closely from the beginning, and as the Greek crisis comes to a head, we’ve decided to pull together highlights of our analysis of the quest for economic union in particular. This collection provides an unparalleled look at the past, present, and future of Europe’s common currency, showcasing more than two dozen of the world’s leading experts on European economics and politics to help you better understand the story behind the headlines.

Download or read book Regional Aspects of Monetary Policy in Europe written by Jürgen von Hagen and published by ZEI Studies in European Economics and Law. This book was released on 2000 with total page 356 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 11 papers from a July 1998 international conference in Bonn, scholars from across Europe and the US offer empirical and theoretical studies of the regional effects of monetary policy in heterogeneous monetary unions, and analyze the political economy of monetary policy in a monetary union of heterogeneous regions or member states. In addition to Europe, they consider monetary policy of the North American monetary unions, providing empirical evidence on the importance of regional differences in the US and Canada. The topics include the asymmetric impacts of a common monetary policy in Europe, industry effects of monetary policy in Germany, the composition of bank councils for heterogeneous monetary unions, the evolving role of the federal reserve banks in federal reserve system policy, and achieving consistency in policy while encouraging open debate. Annotation copyrighted by Book News, Inc., Portland, OR

Download or read book The Road to Monetary Union in Europe written by Tommaso Padoa-Schioppa and published by Oxford University Press, USA. This book was released on 1994 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: The move toward economic and monetary union is the most important issue facing the European nations today. The author assesses the opportunities and risks involved in the unification, and provides a guide to the complex issues and tangled recent history

Download or read book European Monetary Unification written by Barry J. Eichengreen and published by MIT Press. This book was released on 1997 with total page 374 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether EMU is feasible & desirable is contested among economists and politicians alike. The author of this text argues that the effects of monetary unification will depend on how it is structured & governed, & how quickly Europe's markets adapt.

Download or read book Central Europe towards Monetary Union Macroeconomic Underpinnings and Financial Reputation written by Ronald MacDonald and published by Springer. This book was released on 2012-11-05 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: A key objective of the Central European Economies (CEE) on their transition path from planned to more market-oriented economies has been membership of the European Union (EU). The start of Economic and Monetary Union (EMU) in 1999 has added membership of the EMU to the agenda for the CEEs. The task of the so-called Visègrad countries (the Czech and Slovak Republics, Hungary and Poland) of preparing for EU and EMU membership is the key theme underlying the papers contained in this volume. There are many issues to be resolved before the Visègrad countries are admitted into the EU, and this volume focuses on the issues relating to macroeconomic policies and financial sector structures. The chapters of Central Europe Towards Monetary Union: Macroeconomic Underpinnings and Financial Reputation contain new theoretical and empirical results and also comprehensive institutional overviews. The intended readership of the book is policy makers and economists working in the academic and financial sectors.

Download or read book Adopting the Euro in Central Europe written by Susan Schadler and published by . This book was released on 2005 with total page 135 pages. Available in PDF, EPUB and Kindle. Book excerpt: Upon entry into the European Union (EU), countries become members of the Economic and Monetary Union (EMU), with a derogation from adopting the euro as their currency (that is, each country joining the EU commits to replace its national currency with the euro, but can choose when to request permission to do so). For most of these countries, adopting the euro will entail major economic change. This paper examines likely economic developments and policy challenges for the five former transition countries in central Europe--the Czech Republic, Hungary, Poland, the Slovak Republic, and Slovenia--that joined the EU in May 2004 and operate independent monetary policies but have not yet achieved policy convergence with the rest of the euro area.

Download or read book Fiscal Consolidation in Central Europe in Preparation for Accession to the European Union written by Lucjan T. Orlowski and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper focuses on adjustments in fiscal policy in five CEC's whose accession seems to be politically most feasible, and who have expressed the strongest desire to join the Union. They include: Poland, the Czech Republic, Slovakia, Hungary, and Slovenia. Fiscal consolidation in these countries is very critical in the process of preparations for accession to the EU. These countries will have to undergo major reforms of tax laws and they have to further develop efficient institutions of government revenue collection. The governments will have to significantly alter their major expenditure positions as well. These CEC's are all implementing the program of transformation from central planning and state ownership into deregulated, competitive economic structures with private ownership. The ultimate goal of this transformation is minimization of state ownership, state financing and state regulatory interference with business to reasonable levels comparable to modern economies of industrial nations. In essence, this transformation shall be based on a sizable contraction of the state sector to ensure compatibility with the fiscal and regulatory system of the EU nations and to narrow the efficiency gap between the West and the East. Consequently, the task of their fiscal convergence shall be very ambitious. Because the ongoing economic transformation is so closely tied to the contraction of the government intervention with business in CEC's, it is proposed that at the end of the pre-accession period the candidate countries of Central Europe shall not exceed a 3 per cent budget deficit-to-GDP ratio, right at the level consistent with the Maastricht convergence criteria for inclusion in the European Monetary System. Moreover, even a tighter criterion of no more than 2 per cent shall be recommended for CEC's since a 3 per cent annul deficit in relation to GDP is still quite significant. However, a tighter deviation from the Maastricht convergence criteria will be politically unjust, it may send a discriminatory message to the candidate countries. The fiscal convergence criterion required in preparations for accession to the EU shall be constitutionally guaranteed in CEC's and simultaneously announced to the public as a criterion of a "balanced budget" national economic strategy. At the same time, a 60 per cent maximum allowed ratio of public debt-to-GDP shall be applied as a supplementary fiscal convergence measure.

Download or read book The European Central Bank written by Hanspeter K. Scheller and published by . This book was released on 2006 with total page 229 pages. Available in PDF, EPUB and Kindle. Book excerpt: Comprehensive 200-page overview of the ECB from its inception in June 1998 until the present day.

Download or read book Banking and Financial Stability in Central Europe written by David Green and published by Edward Elgar Publishing. This book was released on 2002-04-26 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: '...this book would be suited to lawyers and non-lawyers alike. In addition, it provides an interesting look at the EU banking system and the systems of Central and Eastern European countries.' - Ellie Palmer, Journal of International Banking Law and Regulation The eastwards expansion of the European Union is one of the most explosive economic and political issues of the early 21st century. Economic and financial stability combined with rising prosperity in the applicant countries are increasingly seen as necessary preconditions for European Union membership. This authoritative volume, written by scholars and practitioners from Central and Western Europe and the United States, confronts the issues involved in three of the countries most likely to be successful applicants to the EU - the Czech Republic, Hungary and Slovenia. A spotlight is turned on the banking and financial industries, as they are crucial to the achievement of economic stability. The blend of expertise deployed, which draws on in-depth knowledge and extensive experience in central banking, financial and commercial law, business, practical policy making and economic analysis, ensures that this book is timely, relevant and insightful. The authors suggest that the role of the state in both creating and maintaining an effective financial sector is central. Furthermore, they argue that well-regulated commercial banks and strategic foreign investors are a must as, in practice, the attempt to skip straight to modern capital markets has been ruinous. This accessibly written volume will be of interest to students and scholars of economics, finance, law, political science, the sociology of economic life and European studies.

Download or read book Losers and Winners of the Process of Economic and Institutional Integration of the Central European Countries in the European Monetary Union written by Stanislav Šaroch and published by . This book was released on 2007 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: