European Monetary Union: An Application of the Fundamental Principles of Monetary TheoryThis study applies five basic economic principles to the reasons underlying European economic and monetary union. It aims to explain why EMU was agreed to; when it would be realized; how the monetary unit would be established; which means should implement it; and what purpose it should serve. |
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Page 27
... Member States , the Commission shall submit reports to the Council . Then the Council shall ' monitor the economic development in each of the Member States ' ( Art . 103 ( 3 ) ) . If the economic policy of a Member State is not ...
... Member States , the Commission shall submit reports to the Council . Then the Council shall ' monitor the economic development in each of the Member States ' ( Art . 103 ( 3 ) ) . If the economic policy of a Member State is not ...
Page 29
... Member State subsidises the richer Member States . The monetary financing of deficits stemming from the activities of Central Governments , regional or local authorities , public authorities , other bodies governed by public law ...
... Member State subsidises the richer Member States . The monetary financing of deficits stemming from the activities of Central Governments , regional or local authorities , public authorities , other bodies governed by public law ...
Page 38
... Member State currency ; 4 ) an average nominal long - term interest rate observed over a period of one year , that does not exceed by more than 2 % points that of at most the three best performing Member States in terms of price ...
... Member State currency ; 4 ) an average nominal long - term interest rate observed over a period of one year , that does not exceed by more than 2 % points that of at most the three best performing Member States in terms of price ...
Contents
Treaty on economic and monetary union | 15 |
A monetarytheoretic approach to | 76 |
7 | 111 |
Copyright | |
9 other sections not shown
Common terms and phrases
anchor argued assets assumed assumption Bundesbank chapter Cipolla commodity money Community competitive confidence externalities convergence countries debt deficits demand determined economic effects efficiency equation equilibrium ESCB established European Monetary European Monetary System exchange rate expectations external economy fixed exchange rates function fund global growth H1 to H5 Hence Hicks income increase induced inflation instability instruments integration interdependence interest rate internalised investment Keynes Keynes's liquidity preference London marginal Member monetary institutions monetary policy monetary system monetary theory Monetary Union money externalities money process money supply national central banks Optimum Currency Areas parallel currency payments political price level externalities price stability private ECU production rate of interest reserves savings sector seigniorage seigniorage externalities service of availability single currency stage of EMU store of value systemic risk technological externalities theoretical theory of money Thygesen trade transaction costs Triffin Walras Walras's paper money