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. |
From inside the book
Results 1-3 of 59
Page 55
... reserves rises and there is deflationary pressure . To stimulate the European Economy and raise prices , the central bank would increase the differential and decrease the demand for reserves " . The same sentiment had been expressed by ...
... reserves rises and there is deflationary pressure . To stimulate the European Economy and raise prices , the central bank would increase the differential and decrease the demand for reserves " . The same sentiment had been expressed by ...
Page 227
... reserves by the ECB . Pursuant to Article 30 of the ECB statute , an amount of ECU 50 000 million of foreign reserve assets will be transferred from national central ... reserves , the ECB needs to hold foreign exchange reserves for two 227.
... reserves by the ECB . Pursuant to Article 30 of the ECB statute , an amount of ECU 50 000 million of foreign reserve assets will be transferred from national central ... reserves , the ECB needs to hold foreign exchange reserves for two 227.
Page 255
... reserves , by creating conditions for reserve - saving , by minimising overhead costs of transactions and by capturing all reserve externalities associated with third countries holding ECUs as their reserves . The risk - sharing ...
... reserves , by creating conditions for reserve - saving , by minimising overhead costs of transactions and by capturing all reserve externalities associated with third countries holding ECUs as their reserves . The risk - sharing ...
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