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 21
... trade . In 1989 , for example , global foreign exchange trading was about $ 660 billion daily ; this figure was almost forty times the average daily value of world trade . The world's largest financial market is the foreign exchange ...
... trade . In 1989 , for example , global foreign exchange trading was about $ 660 billion daily ; this figure was almost forty times the average daily value of world trade . The world's largest financial market is the foreign exchange ...
Page 91
... trade . Intra - EC trade as percentage of GDP , on average , between 1960-67 to 1985-90 , has increased from 25 % to 43 % for Belgium and Luxembourg ; 24 % to 39 % for Ireland ; 22 % to 32 % for the Netherlands ; 10 % to 22 % for ...
... trade . Intra - EC trade as percentage of GDP , on average , between 1960-67 to 1985-90 , has increased from 25 % to 43 % for Belgium and Luxembourg ; 24 % to 39 % for Ireland ; 22 % to 32 % for the Netherlands ; 10 % to 22 % for ...
Page 92
... trade has grown more quickly than output since the creation of the Community . Trade diversion and trade creation , coupled with a deepening effect , gave a general tonic to investors ' confidence . Labour mobility has been stable . It ...
... trade has grown more quickly than output since the creation of the Community . Trade diversion and trade creation , coupled with a deepening effect , gave a general tonic to investors ' confidence . Labour mobility has been stable . It ...
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