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 29
... Portugal . For example , declaring Portugal ineligible to receive financing from the EIB would imply cutting down on projects in telecommunications , energy or transport . Requiring Portugal to make a non - interest bearing deposit with ...
... Portugal . For example , declaring Portugal ineligible to receive financing from the EIB would imply cutting down on projects in telecommunications , energy or transport . Requiring Portugal to make a non - interest bearing deposit with ...
Page 43
... Portugal ; these are also the countries where the share of tax revenue ( net of seigniorage ) in GDP is the lowest . Low tax revenues often reflect the structure of the economy ; it is not clear that they could be raised very fast ...
... Portugal ; these are also the countries where the share of tax revenue ( net of seigniorage ) in GDP is the lowest . Low tax revenues often reflect the structure of the economy ; it is not clear that they could be raised very fast ...
Page 44
... Portugal for the same periods : 1971-80 and 1981-90 increased from 13.7 % to 18.1 % for Greece and from 16.1 % to 17.9 % for Portugal . In principle , changes in the competitiveness within the Community largely reflect differences in ...
... Portugal for the same periods : 1971-80 and 1981-90 increased from 13.7 % to 18.1 % for Greece and from 16.1 % to 17.9 % for Portugal . In principle , changes in the competitiveness within the Community largely reflect differences in ...
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