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 47
... criteria reconsidered Gros and Thygesen ( 1992 ) constructed an EMU indicator , shown in Table 2.4 , based on five macroeconomic variables assumed to measure the health of an economy . It resembles the convergence criteria of EMU with a ...
... criteria reconsidered Gros and Thygesen ( 1992 ) constructed an EMU indicator , shown in Table 2.4 , based on five macroeconomic variables assumed to measure the health of an economy . It resembles the convergence criteria of EMU with a ...
Page 95
... criteria : high confidence , highly stable value and support of a strong economy to be fully met , one will find a way to introduce a monetary unit that will be acceptable to markets . The criteria also indicate that , given no ...
... criteria : high confidence , highly stable value and support of a strong economy to be fully met , one will find a way to introduce a monetary unit that will be acceptable to markets . The criteria also indicate that , given no ...
Page 247
... criteria . This is the essence of our H3 . We devoted section 3.4.a ) to analyzing the ECU in its present status against the Cipolla criteria and arrived at a provisional conclusion that the high confidence and highly stable value criteria ...
... criteria . This is the essence of our H3 . We devoted section 3.4.a ) to analyzing the ECU in its present status against the Cipolla criteria and arrived at a provisional conclusion that the high confidence and highly stable value criteria ...
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