Creation and Evolution of European Economic and Monetary Union
Creation and Evolution of European Economic and Monetary Union

Author: Muthurangam Subramanian

Publisher:

Published: 2020

Total Pages:

ISBN-13:

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This paper reviews the creation and evolution of the European Economic Monetary Union (EEMU) and discusses the insights and perspectives of the key lessons for Asian economic integration utilizing an extensive review of the literature method. In order to implement a common monetary and economic policy for the European Union (EU), the EEMU was created as a replacement for the European Monetary System. The organization of the EEMU was designed to support sustainable economic growth and high job creation through appropriate economic and monetary policy making measures. These objectives of the EEMU can be accomplished by achieving price stability in the region through specific monetary policy implementation, coordinating with the member countries in regard to economic policies, and ensuring smooth operation of a single market in the region. Two decades of history confirm the stability of the euro as a single currency in the region and it is seen as a great achievement of the EEMU. Also, the EEMU and the European Central Bank have been successful in maintaining inflation at a lower level. Europe succeeded in reaching the level of a deeper integration mainly because of its strong vision for a united Europe, European economic and political stability, and the creation of economic and monetary institutions such as the EEMU. But, as of now, such features are not present in the Asian region. Also, despite having benefited from global trade liberalization, Asia may not strictly follow the path of European integration. However, several key lessons, including the integration process of the European Union and the experiences of the EEMU, can be taken with a view to creating an exclusive model for reaping the full benefits of Asian economic integration.

Making the European Monetary Union
Making the European Monetary Union

Author: Harold James

Publisher: Harvard University Press

Published: 2012-11-19

Total Pages: 324

ISBN-13: 0674070941

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Europe’s financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro’s invention. Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar’s privileged position in the international monetary system, and Germany’s persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community’s Committee of Central Bank Governors and the Delors Committee of 1988–89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.

The Origins and Evolution of the Single Market in Europe
The Origins and Evolution of the Single Market in Europe

Author: Bill Lucarelli

Publisher: Routledge

Published: 2019-01-04

Total Pages: 196

ISBN-13: 0429810903

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First published in 1999, this work of economic history explores the evolution of the single market and of economic and political integration in Europe since World War II. Beginning with European integration and the genesis of the Customs Union, Bill Lucarelli then proceeds through the Trans-Atlantic Rivalry, the European Monetary Union (EMU) the European Monetary System (EMS) and on to Maastricht. The study intends to be a critique of the prevailing theories of negative integration, weighting economic integration against political integration, with a particular focus on the concept of ‘spill-over’. Lucarelli argues against prevailing functionalist and neo-liberal interpretations of the process of economic integration. The conclusion is critical of the strategy toward European Monetary Union. The book is informed by Marxian and Post-Keynesian Economic theories.

A Concise History of European Monetary Integration
A Concise History of European Monetary Integration

Author: Horst Ungerer

Publisher: Praeger

Published: 1997-07-16

Total Pages: 360

ISBN-13:

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A comprehensive, concise--and unique--examination of the history of European monetary integration since the end of World War II, and how this fits into the anticipated economic and monetary union and closer political cooperation of European countries.

The European Monetary System And European Monetary Union
The European Monetary System And European Monetary Union

Author: Michele Fratianni

Publisher: Routledge

Published: 2019-09-06

Total Pages: 248

ISBN-13: 1000301117

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When the European Monetary System (EMS) was created in 1978, economists on both sides of the Atlantic predicted its early failure. Today, EMS is alive and well, continuing to defy conventional economic wisdom. The authors address three major questions about the European Monetary System (EMS): how it came into being, how it works and how it may evolve into a fully-fledged monetary union.

The Euro
The Euro

Author: Chris Mulhearn

Publisher: Edward Elgar Publishing

Published: 2009-01-01

Total Pages: 257

ISBN-13: 1848442882

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This title provides a comprehensive overview of the development and design of the European Monetary Union, as well as an intriguing discussion of its prospects for future enlargement.

Economic and Monetary Union in Europe
Economic and Monetary Union in Europe

Author: Mark Baimbridge

Publisher:

Published: 2005

Total Pages: 0

ISBN-13: 9781845422332

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The introduction of a single currency within the European Union in its present form is without precedent in world history and will have far-reaching consequences for the future prosperity of the continent. Economic and Monetary Union in Europe brings together contributions from leading specialists which explain and evaluate the most important implications of economic and monetary union. The book examines theoretical aspects of monetary integration, illustrates the historical lessons to be learned from these and discusses the resulting policy consequences. This book will be essential reading for undergraduates studying European monetary integration and will prove to be a key source of reference for academics and post graduates working in this area.

The Economic Integration of Europe
The Economic Integration of Europe

Author: Richard Pomfret

Publisher: Harvard University Press

Published: 2021-06-08

Total Pages: 273

ISBN-13: 0674259432

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The clearest and most up-to-date account of the achievements—and setbacks—of the European Union since 1945. Europe has been transformed since the Second World War. No longer a checkerboard of entirely sovereign states, the continent has become the largest single-market area in the world, with most of its members ceding certain economic and political powers to the central government of the European Union. This shift is the product of world-historical change, but the process is not well understood. The changes came in fits and starts. There was no single blueprint for reform; rather, the EU is the result of endless political turmoil and dazzling bureaucratic gymnastics. As Brexit demonstrates, there are occasional steps backward, too. Cutting through the complexity, Richard Pomfret presents a uniquely clear and comprehensive analysis of an incredible achievement in economic cooperation. The Economic Integration of Europe follows all the major steps in the creation of the single market since the postwar establishment of the European Coal and Steel Community. Pomfret identifies four stages of development: the creation of a customs union, the deepening of economic union with the Single Market, the years of monetary union and eastward expansion, and, finally, problems of consolidation. Throughout, he details the economic benefits, costs, and controversies associated with each step in the evolution of the EU. What lies ahead? Pomfret concludes that, for all its problems, Europe has grown more prosperous from integration and is likely to increase its power on the global stage.

One Market, One Money
One Market, One Money

Author: Michael Emerson

Publisher:

Published: 1992

Total Pages: 356

ISBN-13: 9780198773245

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The European Community is negotiating a new treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s. This study provides the only comprehensive guide to the economic implications of economic and monetary union. The work of an economist inside the Commission of the European Community, it reflects the considerations influencing the design of the union. The study creates a unique bridge between the insights of modern economic analysis and the work of the policy makers preparing for economic and monetary union.

The History of European Monetary Union
The History of European Monetary Union

Author: Daniela Preda

Publisher: P.I.E-Peter Lang S.A., Editions Scientifiques Internationales

Published: 2017-03

Total Pages: 324

ISBN-13: 9782807600980

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The book reconstructs the long road toward a European single currency: the first monetary unification projects in the '50s and '60s; the turbulence of the '70s; the EMS; the causes of the 1992 crisis; the long struggle for the Monetary Union, which would end at Maastricht. Finally, it focuses on the creation of the Eurozone and its recent crisis.