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| economic and monetary union: EU Law of Economic & Monetary Union Fabian Amtenbrink, Christoph Herrmann, 2020-05-21 Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform. |
| economic and monetary union: The European Monetary Union Nicola Acocella, 2020-08-27 Analyzes the roots of Europe's economic decline, examining institutions of the European Union and exploring possibilities for reform. |
| economic and monetary union: The Road to Maastricht Kenneth H. F. Dyson, Kevin Featherstone, 1999 Economic and monetary union in the European Union represents a massive change for Europe and for the world. The Road to Maastricht identifies why the agreement was possible and how the agreement was made. The book examines the motives that inspired European political leaders, the strategies that they pursued, and the institutions that were used to achieve monetary union. Drawing on a wide range of sources and unprecedented research and interviews, the book combines careful political analysis with new information about the way in which European Monetary Union was negotiated. It delves into the complex forces at work in Europe, including the cross-national political interactions, to produce an authoritative account of the boldest and riskiest venture in the history of European integration. |
| economic and monetary union: The Path to European Economic and Monetary Union Scheherazade S. Rehman, 2012-12-06 Sir Alan Walters ex-chief economic advisor to PM Margaret Thatcher Whether it succeeds or fails, Europe is everyone's concern. The idea of a united Europe has been entertained, even partially at least, achieved, inter alia, CharlemagI!e, Napoleon, Hitler, and in our da)' by Spaak, Monet and Chancellor Kohl: the first three by military conquest, the last three by negotiation and the creation of integrating institutional arrangements. The motives varied from the twisted paranoia of the Nazis to the idealism of SpaaklMonet/Kohl in avoiding conflicts and wars. Under the protection of NATO the European Coal and Steel Community soon was transformed into the EEC by the 1957 Treaty of Rome. The massive reduction of trade barriers, particularly between France and Germany, was rewarded by vigorous growth over the next 15 years. Even as late as 1972, when Britain acceeded to the Treaty of Rome, the EEC was thought to be lar~ely a customs union: in de Gaulle eyes the EEC was simply a collection of sovereISJ:l states who cooperated primarily on trade. Each state however enjoyed a veto; deCIsions had to be unanimous. |
| economic and monetary union: Accountability in the Economic and Monetary Union Menelaos Markakis, 2020-04-02 Following the financial and public debt crisis, the EU's Economic and Monetary Union (EMU) has been under intense political scrutiny. The measures adopted in response to the crisis have granted additional powers to the EU (and national) authorities, the exercise of which can have massive implications for the economies of the Member States, financial institutions and, of course, citizens. The following questions arise: how can we hold accountable those institutions that are exercising power at the national and EU level? What is the appropriate level, type and degree of accountability and transparency that should be involved in the development of the EU's governance structures in the areas of fiscal and economic governance and the Banking Union? What is the role of parliaments and courts in holding those institutions accountable for the exercise of their duties? Is the revised EMU framework democratically legitimate? How can we bridge the gap between the citizens - and the institutions that represent them - and those institutions that are making these important decisions in the field of economic and monetary policy? This book principally examines the mechanisms for political and legal accountability in the EMU and the Banking Union. It examines the implications that the reforms of EU economic governance have had for the locus and strength of executive power in the Union, as well as the role of parliaments (and other political fora) and courts in holding the institutions acting in this area accountable for the exercise of their tasks. It further sets out several proposals regarding transparency, accountability, and legitimacy in the EMU. |
| economic and monetary union: Economic and Monetary Union Michele Chang, 2016-07-29 This accessible introductory text provides a comprehensive and accessible account of the evolution of the Eurozone, from its beginnings in fixed exchange rate systems through to the aftermath of the sovereign debt crisis. It examines why the EMU was created, what went wrong to bring about the global financial crisis, and why countries were affected so differently. It assesses the impact of monetary union both in Europe and beyond and evaluates the prospects for the Euro as an international currency. Recognising that political union has long been seen as part of monetary integration, and that Eurozone membership often impacts domestic policy, Chang widens the scope of her evaluation to include consider effects and developments that are not purely economic in scope. Using theories drawn from economics and political science, this book provides students with an up-to-date analysis of the recent reforms undertaken, grounded in a long-term perspective of the trajectory of European integration. As well as suiting upper-level undergraduate and Master's courses on European Monetary Union, this text is beneficial for students of Politics, International Relations and European Studies on more general courses to foster an understanding of the impact of the EMU on the wider functioning of the EU. The text is filled with figures, maps, timelines and other pedagogical features to ensure this topic accessible to students of all levels. |
| economic and monetary union: Making the European Monetary Union Harold James, 2012-11-19 Europe’s financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro’s invention. Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar’s privileged position in the international monetary system, and Germany’s persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community’s Committee of Central Bank Governors and the Delors Committee of 1988–89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future. |
| economic and monetary union: Adjustment and Growth in the European Monetary Union Francisco Torres, Francesco Giavazzi, 1993-10-21 The Maastricht Treaty, signed in December 1991, set a timetable for the European Community's economic and monetary union (EMU) and clearly defined the institutional policy changes necessary for its achievement. Subsequent developments have demonstrated, however, the importance of many key issues in the transition to EMU that were largely neglected at the time. This volume reports the proceedings of a joint CEPR conference with the Banco de Portugal, held in January 1992. In these papers, leading international experts address the instability of the transition to EMU, the long-run implications of monetary union and the single market for growth and convergence in Europe. They also consider the prospects for inflation and fiscal convergence, regional policy and the integration of financial markets and fiscal systems. Attention focuses on adjustment mechanisms with differentiated shocks, region-specific business cycles and excessive industrial concentration and the cases for a two-speed EMU and fiscal federalism. |
| economic and monetary union: The Economics of Monetary Unions Juan E. Castañeda, Alessandro Roselli, Geoffrey E. Wood, 2020-03-16 In this book, a historical analysis of the precedents of the euro is examined within the context of the current issues affecting the Eurozone and the long-term effects of the institutional changes implemented since 2010. The book begins by placing the Eurozone challenges in the historical context of previous monetary unions, drawing on the experience of the gold standard. It then specifically focuses on the problems arising from the running of permanent trade imbalances within the Eurozone. The authors explore the advantages and disadvantages of being a member of the Eurozone and attempt to measure the optimality of a currency area by the calculation of an index on internal macroeconomic asymmetries. They address the proposals recently made in favour of a fiscal union in the Euro zone; including the economic and political feasibility of fiscal transfers in the Eurozone. The final two papers discuss whether the monetary union is in fact more than just that, and whether it will lead inevitably to some form of political union if it is to survive. With chapters by leading experts from both Europe and the UK, this book will appeal to students in Economics, Finance, Politics, EU integration and European studies; as well as academics and professional economists doing research in EU integration, the Euro zone, monetary history and monetary and banking unions in Europe, the UK and elsewhere. |
| economic and monetary union: The Currency of Ideas Kathleen R. McNamara, 2019-06-30 Why have the states of Europe agreed to create an Economic and Monetary Union (EMU) and a single European currency? What will decide the fate of this bold project? This book explains why monetary integration has deepened in Europe from the Bretton Woods era to the present day. McNamara argues that the development of a neoliberal economic policy consensus among European leaders in the years after the first oil crisis was crucial to stability in the European Monetary System and progress towards EMU. She identifies two factors, rising capital mobility and changing ideas about the government's proper role in monetary policymaking, as critical to the neoliberal consensus but warns that unresolved social tensions in this consensus may provoke a political backlash against EMU and its neoliberal reforms.McNamara's findings are relevant not only to European monetary integration, but to more general questions about the effects of international capital flows on states. Although this book delineates a range of constraints created by economic interdependence, McNamara rejects the notion that international market forces simply dictate government policy choice. She demonstrates that the process of neoliberal policy change is a historically dependent one, shaped by policymakers' shared beliefs and interpretations of their experiences in the global economy. |
| economic and monetary union: The Economics of Monetary Integration Paul de Grauwe, 1992 This expositive textbook on monetary integration looks at the costs and benefits of monetary union in Europe. The author examines such topical issues as whether there is a good economic case for countries to have separate currencies, and whether a nation increases its welfare when it abolishes its national currency and adopts the currency of a wider area. This leads naturally to questions concerning the size of an optimal monetary area - should this include the EC, the whole of Europe, or the whole world? The first part of the book focuses on complete monetary unions in which a common currency is substituted for national currencies. The second part looks at incomplete monetary unions and analyzes the operation of monetary systems in which national monetary authorities maintain their national currencies but agree to fix their exchange rates. This leads to an analysis of the European Monetary System and also examines the issues relating to the transition to a full monetary system. The book combines comprehensive exposition with discussion of recent historical events and theory and will prove invaluable to students.--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved |
| economic and monetary union: International Implications of European Economic and Monetary Union Norbert Funke, Mike Kennedy, 1997 |
| economic and monetary union: The Euro Amy Verdun, 2002 With euro banknotes and coins starting to circulate as of January 2002, this timely book comes at a crucial juncture for the European Union. Exploring the origins of and progress toward the introduction of the euro, the contributors focus on the importance of economic and monetary union (EMU) as part of the larger process of European integration. Thus, chapters consider the value and limits of a range of theoretical approaches for understanding economic and monetary integration, the pros and cons of EMU's institutional design, and country-specific experiences. With an international group of leading scholars representing a range of disciplines, this book offers a broad perspective on the dynamics of EMU. |
| economic and monetary union: The European Monetary Union After the Crisis Nazaré da Costa Cabral, 2020-06-09 This book provides a much-needed detailed analysis of the evolution of Europe over the last decade, as well as a discussion about the path of reform that has been trodden in the aftermath of the financial crisis. It offers a multidisciplinary view of the E(M)U and captures the main factors that induced the reform of the monetary union – a process that has not been linear and is far from being concluded. The author examines the policy responses designed throughout the development of the crisis and assesses the scale of the crisis in Europe, in comparison to other parts of the world, as well as its prolonged effects both in economic and financial terms. An update on the current ‘state of the art’ in the conception of risk-sharing mechanisms is provided. With its innovative approach, the book analyses the financing issues which need to be taken into consideration in the design of these instruments and highlights the main categories of governmental risk-sharing mechanisms – in particular, the ones to be used as ‘fiscal capacity’. This is a timely and topical book and will be of interest to a broad audience, including experts, scholars and students of European affairs, particularly those with economic, financial, legal and political science backgrounds. |
| economic and monetary union: Elusive Union Kenneth H. F. Dyson, 1994 This study is concerned with the policy process by which the movement towards closer monetary integration, and the still very uncertain objective of EMU, has been shaped and guided. It asks how this process might be described, and how its emergence and development be can explained. |
| economic and monetary union: The European Union: A Very Short Introduction John Pinder, Simon Usherwood, 2013-07-25 John Pinder and Simon Usherwood explain the EU in plain readable English. They show how and why it has developed, how the institutions work, and what it does - from the single market to the euro, and from agriculture to the environment. |
| economic and monetary union: Monetary Unions Forrest Capie, Geoffrey E Wood, 2003-09 The Economic and Monetary Union (EMU) has prompted much discussion. This book stands back and considers the relevant theory or what lessons might be drawn from other unions that have been formed as well as looking at EMU directly. |
| economic and monetary union: The Eastern Caribbean Economic and Currency Union Mr.Alfred Schipke, Aliona Cebotari, Ms.Nita Thacker, 2013-04-10 The Eastern Caribbean Economic and Currency Union (OECS/ECCU) is one of four currency unions in the world. As in other parts of the world in the aftermath of the global economic and financial crisis, the region is at a crossroads, facing the major challenges of creating jobs, making growth more inclusive, reforming the banking system, and managing volatility, while grappling with high public debt and persistent low economic growth. Policymakers have the critical task of implementing strong reforms to strengthen the monetary union while also laying the foundation for accelerating growth. This Handbook provides a comprehensive analysis of the key issues in the OECS/ECCU, including its organization and economic and financial sector linkages, and provides policy recommendations to foster economic growth. |
| economic and monetary union: One Market, One Money Michael Emerson, 1992 The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union. |
| economic and monetary union: Crisis in the European Monetary Union Giuseppe Celi, Andrea Ginzburg, Dario Guarascio, Annamaria Simonazzi, 2017-12-22 After decades of economic integration and EU enlargement, the economic geography of Europe has shifted, with new peripheries emerging and the core showing signs of fragmentation. This book examines the paths of the core and peripheral countries, with a focus on their diverse productive capabilities and their interdependence. Crisis in the European Monetary Union: A Core-Periphery Perspective provides a new framework for analysing the economic crisis that has shaken the Eurozone countries. Its analysis goes beyond the short-term, to study the medium and long-term relations between ‘core’ countries (particularly Germany) and Southern European ‘peripheral’ countries. The authors argue that long-term sustainability means assigning the state a key role in guiding investment, which in turn implies industrial policies geared towards diversifying, innovating and strengthening the economic structures of peripheral countries to help them thrive. Offering a fresh angle on the European crisis, this volume will appeal to students, academics and policymakers interested in the past, present and future construction of Europe. |
| economic and monetary union: Political Aspects of the Economic Monetary Union Soren Zibrandt von Dosenrode-Lynge, 2018-02-06 This title was first published in 2002: Concentrating on the myriad political aspects of European Monetary Union (EMU), this volume places the EMU and the European Union (EU) in a global context. It should be useful for scholars and students of European studies, economics, modern history and international relations. Libraries and embassies should also find it a valuable reference tool. |
| economic and monetary union: The Road to Monetary Union in Europe Tommaso Padoa-Schioppa, 2000 This insider's guide to a topical issue is designed to be of use to students, academics, policymakers and commentators alike. It contains extracts from documents and a chronology. |
| economic and monetary union: The European Union Ali M. El-Agraa, 2011-09-08 The European Union has established itself as a leading text that provides readers from all disciplines with a sound understanding of the economics and policies of the EU. Its wealth of information, detail and analysis has ensured that previous editions have been read by a generation of students, researchers and policy makers. It covers all major EU policy areas as well as theories of economic integration, the theory of economic and monetary union (EMU), the measurement of the economic effects of European integration and the legal dimension in EU integration. It also includes an explanation and analysis of all recent developments affecting the EU such as enlargement, the ratification of the Nice Treaty and the Convention for the Future of Europe. This edition has been thoroughly revised and updated and includes new resources to help students and teachers, including summaries, review questions, suggestions for essay titles and further reading lists. |
| economic and monetary union: Monetary Policy in Times of Crisis Massimo Rostagno, Carlo Altavilla, Giacomo Carboni, Jonathan Yiangou, 2021 The first twenty years of the European Central Bank offer a unique insight into how a central bank can navigate macroeconomic insecurity and crisis. This volume examines the structures and decision-making processes behind the complex measures taken by the ECB to tackle some of the toughest economic challenges in the history of modern Europe. |
| economic and monetary union: European Monetary Integration: from the European Monetary System to Monetary Union Daniel Gros, 1992 |
| economic and monetary union: The Oxford Handbook of European Union Law Anthony Arnull, Damian Chalmers, 2015-07-23 Since its formation the European Union has expanded beyond all expectations, and this expansion seems set to continue as more countries seek accession and the scope of EU law expands, touching more and more aspects of its citizens' lives. The EU has never been stronger and yet it now appears to be reaching a crisis point, beset on all sides by conflict and challenges to its legitimacy. Nationalist sentiment is on the rise and the Eurozone crisis has had a deep and lasting impact. EU law, always controversial, continues to perplex, not least because it remains difficult to analyse. What is the EU? An international organization, or a federation? Should its legal concepts be measured against national standards, or another norm? The Oxford Handbook of European Union Law illuminates the richness and complexity of the debates surrounding the law and policies of the EU. Comprising eight sections, it examines how we are to conceptualize EU law; the architecture of EU law; making and administering EU law; the economic constitution and the citizen; regulation of the market place; economic, monetary, and fiscal union; the Area of Freedom, Security, and Justice; and what lies beyond the regulatory state. Each chapter summarizes, analyses, and reflects on the state of play in a given area, and suggests how it is likely to develop in the foreseeable future. Written by an international team of leading commentators, this Oxford Handbook creates a vivid and provocative tapestry of the key issues shaping the laws of the European Union. |
| economic and monetary union: Economic and Monetary Union Rory O'Donnell, Patrick Honohan, 1991 Consta de tres estudios sobre el proceso de Union Economica y Monetaria Europea (UEM). El primero de ellos, escrito por O'Donnell, presenta un panorama de las principales cuestiones que suscita el proceso de la UEM. El segundo estudio, escrito por Patrick Honohan, esta dedicado a la Union Monetaria Europea : objetivos, estructura institucional, limitaciones y periodo de transicion. El ultimo estudio, escrito por O'Donnell, plantea el analisis de la UEM desde una perspectiva regional, incidiendo en la cuestion de la cohesion en la Comunidad Europea. Los escritos presentan el punto de vista de Irlanda de la construccion de la UEM. Incluye bibliografia. (igg). |
| economic and monetary union: Economic and Monetary Union Klaus Gretschmann, 2023-08-21 The Heads of State and Government at the European Council meeting in Maastricht definitely decided to embark upon the creation of Economic and Monetary Union by, at the latest, the beginning of 1999, and in doing so opted for a relatively short but difficult journey that should bring the European Community all the benefits one could expect from such an undertaking. However, the question still remains of how Economic and Monetary Union will really affect the day-to-day policymaking of the national civil servants involved, particularly in the areas of monetary and fiscal policies. Can national policymakers adopt a `sit-and-wait' policy or does Economic and Monetary Union really entail a dangerous voyage between Scylla and Charybdis? Will Economic and Monetary Union undermine the sovereignty of national governments because the Maastricht Treaty will give the EC the competence to dictate its own will? Are the benefits of Economic and Monetary Union for the Member States really as great as expected? These and other issues are assessed in this book which, after an assessment of the achievements of the Maastricht European Council, will cover the main implications of a European monetary policy and closer economic cooperation for the relevant policies of the Member States, the division of the competences between Community and member countries and the forthcoming prospects for new EC policies (e.g. regional policy, the EC budget, fiscal union, etc.) |
| economic and monetary union: Monetary Unions Sławomir Bukowski, 2018 This book is a new approach to understanding monetary unions. This collaboration of scientists from different countries with leading professor and supervisor Slawomir I. Bukowski have prepared essays, which concern current and previous problems of functioning of monetary unions, especially the euro area. The contents of this book and the problems the authors have undertaken are very important and current in the situation concerning the world after the last recession and financial/fiscal crisis.This book embraces the problems of theoretical and historical fundamentals of monetary union with special concentration on the euro area, and discusses concerns of nominal and real convergence within the Economic and Monetary Union in the Europe, as well as problems of fiscal and monetary policy in the euro area. Problems of sociual policy and the issue of the financial markets role in the financing process of European companies.The conclusions that were made concern different problems of functioning of monetary unions, especially in the euro area, which will be very useful not only in debates between scientists, but also for politicians in the European Unions. The content of the book and the problems which are tackled in it are not a contribution to the discussion which is going on and which, in my opinion, will last for a long time because there are many things which are still not understood, and economic life in the globalized world poses many challenges which economists are trying to respond to.This book will be very useful and interesting for scientists economists, journalists, students and politicians. |
| economic and monetary union: Rethinking Economic and Monetary Union in Europe Philip B. Whyman, 2018-01-17 In the wake of the Greek crisis, the future of the EU is the subject of a great deal of debate. This book critically evaluates the current new monetarist model of Economic and Monetary Union in Europe, presenting an alternative post-Keynesian (progressive) model, aimed at addressing the current problems of trade imbalance and asymmetric macroeconomic policy infrastructure that are augmenting tensions within the Eurozone. The book’s approach is based upon the development of a common, rather than a single, currency approach, and utilises post-Keynesian policy solutions in order to create a form of EMU which will promote full employment rather than austerity. |
| economic and monetary union: The Economics of Monetary Integration Paul de Grauwe, 1992 This expositive textbook on monetary integration looks at the costs and benefits of monetary union in Europe. The author examines such topical issues as whether there is a good economic case for countries to have separate currencies, and whether a nation increases its welfare when it abolishes its national currency and adopts the currency of a wider area. This leads naturally to questions concerning the size of an optimal monetary area - should this include the EC, the whole of Europe, or the whole world? The first part of the book focuses on complete monetary unions in which a common currency is substituted for national currencies. The second part looks at incomplete monetary unions and analyzes the operation of monetary systems in which national monetary authorities maintain their national currencies but agree to fix their exchange rates. This leads to an analysis of the European Monetary System and also examines the issues relating to the transition to a full monetary system. The book combines comprehensive exposition with discussion of recent historical events and theory and will prove invaluable to students.--BOOK JACKET.Title Summary field provided by Blackwell North America, Inc. All Rights Reserved |
| economic and monetary union: Monetary Integration Warner Max Corden, 1972 |
| economic and monetary union: European Responses to Globalization and Financial Market Integration Amy Verdun, 2002 |
| economic and monetary union: Economic and Monetary Union in Europe Geoffrey Denton, 2022-02-16 In its pursuit of economic integration, economic and monetary union (EMU) had become a primary commitment for the European Community. Originally published in 1974, this study sets out to examine the meaning of economic union and its relationship with monetary union. The contributors look at the problems and costs for attaining economic union for the member states of the EEC at the time. Steven Robson writes on economic management. Paul Woolley examines the integration of capital markets. Santosh Mukherjee looks at the implications of labour market policy. Geoffrey Denton and Adam Ridley consider the impact of economic and monetary union on regional problems. Alan Prest is concerned with tax harmonisation specifically Value Added Tax and Corporation Tax and Douglas Dosser discusses the development of a European Community budget. Though the long-term benefits of EMU were clear, in the short term it would impose strains and pressures on national economies and particular sectors within them. This study goes a long way to clarifying where these difficulties would arise and suggests some ways of coping with them. |
| economic and monetary union: Economics of Monetary Union Paul de Grauwe, 2007 The seventh edition of 'Economics of Monetary Union' provides a concise analysis of the theories and policies relating to monetary union. De Grauwe analyses the costs and benefits associated with having one currency as well as the practical workings and current issues involved with the Euro. In the first part of the book the author considers the implications of joining a monetary union through discussion based on an economic cost-benefit analysis. The second part of the book looks at the reality of monetary unions by analysing Europe's experiences, such as how the European Central Bank was designed to conduct a single monetary policy. The seventh edition has been revised to include more discussion of monetary unions outside Europe and, to reflect this fast-moving area, updated coverage of new member states in transition and an updated discussion of the stability pact. Online Resource Centre An online resource centre, featuring supplements for lecturers including PowerPoint slides and an instructor manual, has been updated for this edition. |
| economic and monetary union: Rethinking the Union of Europe Post-Crisis Giandomenico Majone, 2014-04-24 Provocative and timely examination of European integration and the specific methods that lead to a hazardous monetary union. Includes a deeper investigation of the specific crisis of monetary integration and argues how integration might be more effectively achieved with inter-jurisdictional competition. |
| economic and monetary union: The Economic Integration of Europe Richard Pomfret, 2021-06-08 The clearest and most up-to-date account of the achievements—and setbacks—of the European Union since 1945. Europe has been transformed since the Second World War. No longer a checkerboard of entirely sovereign states, the continent has become the largest single-market area in the world, with most of its members ceding certain economic and political powers to the central government of the European Union. This shift is the product of world-historical change, but the process is not well understood. The changes came in fits and starts. There was no single blueprint for reform; rather, the EU is the result of endless political turmoil and dazzling bureaucratic gymnastics. As Brexit demonstrates, there are occasional steps backward, too. Cutting through the complexity, Richard Pomfret presents a uniquely clear and comprehensive analysis of an incredible achievement in economic cooperation. The Economic Integration of Europe follows all the major steps in the creation of the single market since the postwar establishment of the European Coal and Steel Community. Pomfret identifies four stages of development: the creation of a customs union, the deepening of economic union with the Single Market, the years of monetary union and eastward expansion, and, finally, problems of consolidation. Throughout, he details the economic benefits, costs, and controversies associated with each step in the evolution of the EU. What lies ahead? Pomfret concludes that, for all its problems, Europe has grown more prosperous from integration and is likely to increase its power on the global stage. |
| economic and monetary union: Fiscal Federalism and European Economic Integration Mark Baimbridge, Philip Whyman, 2005-06-28 The pace of economic integration amongst European Union (EU) member states has accelerated considerably during the past decade, highlighted by the process of Economic and Monetary Union (EMU). Many aspects of the EU's apparatus, however, have failed to evolve in order to meets these new challenges. This book explores the issue of fiscal federalism within the context of EU integration from theoretical, historical, policy and global perspectives. It contrasts the pace of integration amongst EU member states with the failure of financial and administrative apparatus to evolve to encompass fiscal federalism, i.e. the development of a centralised budgetary system. This impressive collection, with contributions from a range of internationally respected authors, shall interest students and researchers involved with European economics and economic integration. Its accessible style will also make it extremely useful to policy-makers and professionals for whom European economic integration is a daily topic of conversation. |
| economic and monetary union: Regional Integration in West Africa Eswar Prasad, Vera Songwe, 2021-07-13 Assessing the potential benefits and risks of a currency union Leaders of the fifteen-member Economic Community of West African States (ECOWAS) have set a goal of achieving a monetary and currency union by late 2020. Although some progress has been made toward achieving this ambitious goal, major challenges remain if the region is to realize the necessary macroeconomic convergence and establish the required institutional framework in a relatively short period of time. The proposed union offers many potential benefits, especially for countries with historically high inflation rates and weak central banks. But, as implementation of the euro over the past two decades has shown, folding multiple currencies, representing disparate economies, into a common union comes with significant costs, along with operational challenges and transitional risks. All these potential negatives must be considered carefully by ECOWAS leaders seeking tomeet a self-imposed deadline. This book, by two leading experts on economics and Africa, makes a significant analytical contribution to the debates now under way about how ECOWAS could achieve and manage its currency union, andthe ramifications for the African continent. |
| economic and monetary union: EU Law of Economic & Monetary Union Fabian Amtenbrink, Christoph Herrmann, 2020-05-21 Presenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform. |
UNDERSTANDING THE ECONOMIC AND MONETARY UNION
WHAT IS THE ECONOMIC AND MONETARY UNION? The Economic and Monetary Union, or the EMU, refers to the process of integrating European economies. The EMU, together with …
The Economic and Monetary Union: Past, Present and Future
The Economic and Monetary Union: Its Past, Present and Future, Study for the Committee on Economic and Monetary Affairs, Policy Department for Economic, Scientific and Quality of Life …
Completing Europe's Economic and Monetary Union
Economic and Monetary Union’ (EMU). It called for work to continue to ‘develop concrete mechanisms for stronger economic policy coordination, convergence and solidarity’ and ‘to …
The Economic and Monetary Union: Past, Present and Future
monitoring framework of macroeconomic and structural policies, and created a Banking Union (BU). However, towards the end of the second decade when the macroeconomic situation …
Economic & Monetary Union - Economy and Finance
The financial and economic crisis that hit Europe in 2008 revealed the need for further strengthening of the Economic and Monetary Union edifice. The second part of this document …
The Economic and Monetary Union: Past and Present Failures …
The formation of the Economic and Monetary Union (EMU) and the adoption of the euro was clearly a highly significant episode in the evolution of the European Union1. It took its place in …
Economic and monetary union - European Parliament
Launched almost three decades ago, economic and monetary union (EMU) represents a very important step in the process of European economic integration. However, the recent …
the Economic and Monetary Union - Consilium
What is the Economic and Monetary Union? The Economic and Monetary Union (EMU) is an essential part of the European integration process. The EMU contributes to economic stability, …
The Economic and Monetary Union - ku
Everyone is likely to agree that the first topic on economic governance constitutes a very natural and unavoidable choice. Indeed, the Economic and Monetary Union was created more than …
The Design of Economic and Monetary Union - European …
Jul 1, 2019 · Today, our economies are integrated to a point that was not imaginable when the euro was designed. Intra-EU exports rose from 13% of EU GDP in 1992 to 20% today and …
UNIT 7 ECONOMIC AND MONETARY UNION - eGyanKosh
7.3 ORIGINS AND BACKGROUND OF THE ECONOMIC AND MONETARY UNION The most influential and significant example of regional economic integration is the EU, which has …
Economic & Monetary Union - Economy and Finance
for the Economic and Monetary Union 7 1. The nature of Economic and Monetary Union The euro is a currency shared today by 19 EU Member States and more than 330 million citizens. In …
DEEPENING OF THE ECONOMIC AND MONETARY UNION
FINANCIAL UNION: THE MOST URGENT PRIORITY FOR EMU Advancing on risk reduction and risk sharing and providing more diversified financing options for firms Short-term measures • …
The European Economic and Monetary Union: Assessing the …
The establishment of the European Economic and Monetary Union marked the historically unprecedented and highly controversial introduction of major global currency without a state. A …
History of the economic and monetary union - European …
The economic and monetary union (EMU) is the result of economic integration in the EU. A common currency, the euro, has been introduced in the euro area, which currently comprises …
The Political Economy of the European Economic and …
As economists, we can evaluate the likely effects of monetary union on em-ployment, inflation, trade and overall economic well-being. But we should recog-nize that the officials who are …
Institutions and Bodies in the Economic and Monetary Union
This document provides an overview of the main institutions and bodies in charge of economic governance, including banking supervision and resolution, in the Economic and Monetary …
DEEPENING EUROPE’S ECONOMIC AND MONETARY UNION
The economic and financial crisis that hit Europe did not start in the euro area, but laid bare some of its institutional weaknesses. This is why the Juncker Commission made the completion of a …
Towards a Genuine Economic and Monetary Union
This note will, therefore, discuss first why monetary union is an essential dimension of economic integration, without which the single market cannot exist; it will then look at how financial, …
UNDERSTANDING THE ECONOMIC AND MONETA…
WHAT IS THE ECONOMIC AND MONETARY UNION? The Economic and Monetary Union, or the EMU, refers to the process of integrating European …
The Economic and Monetary Union: Past, Pre…
The Economic and Monetary Union: Its Past, Present and Future, Study for the Committee on Economic and Monetary Affairs, Policy Department for …
Completing Europe's Economic and Monetary U…
Economic and Monetary Union’ (EMU). It called for work to continue to ‘develop concrete mechanisms for stronger economic policy …
European economic and monetary integration, an…
This essay follows the synergies and complementarities between European Economic and Monetary Union (EMU) and the optimum currency area …
The Economic and Monetary Union: Past, Pre…
monitoring framework of macroeconomic and structural policies, and created a Banking Union (BU). However, towards the end of the …
