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 3
... structure will evolve and because its monetary unit will change its character . As the institutional structure changes , responsibility for economic , monetary and exchange rate policy and prudential supervision , will change . Economic ...
... structure will evolve and because its monetary unit will change its character . As the institutional structure changes , responsibility for economic , monetary and exchange rate policy and prudential supervision , will change . Economic ...
Page 53
... structure political , economic and social interaction . They consist of both informal constraints ( sanctions ... structure , independence and tasks . As to the internal structure of the EMI , its members are the national central banks ...
... structure political , economic and social interaction . They consist of both informal constraints ( sanctions ... structure , independence and tasks . As to the internal structure of the EMI , its members are the national central banks ...
Page 237
... structure and absence of appropriability . The Cornes and Sandler example of high set - up costs giving rise to nonconvexity is similar to the substantial costs involved in the creation of confidence externalities . In this case , we ...
... structure and absence of appropriability . The Cornes and Sandler example of high set - up costs giving rise to nonconvexity is similar to the substantial costs involved in the creation of confidence externalities . In this case , we ...
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