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 4
... fixed exchange rates ' before it leads to the introduction of a single currency . This evolutionary process entails a serious transfer of monetary control from national central banks to the ECB . The ESCB is assigned the task of ...
... fixed exchange rates ' before it leads to the introduction of a single currency . This evolutionary process entails a serious transfer of monetary control from national central banks to the ECB . The ESCB is assigned the task of ...
Page 66
... exchange rate ' , ' institutional ' and ' parallel currency ' . The exchange rate approach has emphasised the pros and cons of the fixed versus flexible exchange rates regimes and has been extended to cover theoretical constructions ...
... exchange rate ' , ' institutional ' and ' parallel currency ' . The exchange rate approach has emphasised the pros and cons of the fixed versus flexible exchange rates regimes and has been extended to cover theoretical constructions ...
Page 81
... rates alone . " A review of the experience with floating reveals an exchange rate system with a number of weaknesses . ... Yet it is unclear that the alternative systems that have been proposed , such as a return to fixed rates , would ...
... rates alone . " A review of the experience with floating reveals an exchange rate system with a number of weaknesses . ... Yet it is unclear that the alternative systems that have been proposed , such as a return to fixed rates , would ...
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