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 23
... price stability and , without prejudice to the objective of price stability , to support the general economic policies with a view to contributing to the achievement of the objectives of the EU ' ( Art . 105 ( 1 ) ) . As to the purpose ...
... price stability and , without prejudice to the objective of price stability , to support the general economic policies with a view to contributing to the achievement of the objectives of the EU ' ( Art . 105 ( 1 ) ) . As to the purpose ...
Page 24
... Price stability as an objective of the ESBC might be considered comparable to Wicksell's concern , see Lectures II , of the stable value of money . The two , though , differ fundamentally . The ESBC's objective will provide the ...
... Price stability as an objective of the ESBC might be considered comparable to Wicksell's concern , see Lectures II , of the stable value of money . The two , though , differ fundamentally . The ESBC's objective will provide the ...
Page 35
... price stability ' ( Art . 109 ( 1 ) ) . Since unanimity is not easy to attain , the second option is more likely . The second option concerns the absence of a formal agreement . By a qualified majority , the Council may formulate ...
... price stability ' ( Art . 109 ( 1 ) ) . Since unanimity is not easy to attain , the second option is more likely . The second option concerns the absence of a formal agreement . By a qualified majority , the Council may formulate ...
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