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 28
... deficits : a ) 3 % for the ratio of the planned or actual government deficit to GDP at market prices , b ) 60 % for the ratio of government debt to GDP at market values . These criteria , as stated in Article 104c ( 2 ) , allow certain ...
... deficits : a ) 3 % for the ratio of the planned or actual government deficit to GDP at market prices , b ) 60 % for the ratio of government debt to GDP at market values . These criteria , as stated in Article 104c ( 2 ) , allow certain ...
Page 31
... deficit . The fiscal expansion of the Reagan administration , together with the monetary tightening of the Federal Reserve , caused interest rates to rise to a record high in the US . High interest rates of an anchor currency have ...
... deficit . The fiscal expansion of the Reagan administration , together with the monetary tightening of the Federal Reserve , caused interest rates to rise to a record high in the US . High interest rates of an anchor currency have ...
Page 44
... deficit / GDP ratio . The worsening of the deficit / GDP ratio is partly due to cyclical factors . The Commission ( 1993b : 13 ) estimated the cyclical component of the deficit by taking account the reference path for GDP and by ...
... deficit / GDP ratio . The worsening of the deficit / GDP ratio is partly due to cyclical factors . The Commission ( 1993b : 13 ) estimated the cyclical component of the deficit by taking account the reference path for GDP and by ...
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