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 7
... private sector . Second , the private sector is the source of innovation in monetary instruments . When we come to explaining the ECU's development and the innovations brought about in commercial banking , we find that both stem mainly ...
... private sector . Second , the private sector is the source of innovation in monetary instruments . When we come to explaining the ECU's development and the innovations brought about in commercial banking , we find that both stem mainly ...
Page 64
... private sector . There are , therefore , two separate ECU circuits : one for the central banks with the official ECU and another for the private sector with the private ECU . Linking the official ECU with the private ECU has been ...
... private sector . There are , therefore , two separate ECU circuits : one for the central banks with the official ECU and another for the private sector with the private ECU . Linking the official ECU with the private ECU has been ...
Page 99
... private sector is the source of money innovation in the way money is used and money instruments are developed . It ... private ECU . From such an aspect , the Triffin postulate is partly satisfied . " The private sectors of the economy ...
... private sector is the source of money innovation in the way money is used and money instruments are developed . It ... private ECU . From such an aspect , the Triffin postulate is partly satisfied . " The private sectors of the economy ...
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