The Currency of Ideas
The Currency of Ideas

Author: Kathleen R. McNamara

Publisher: Cornell University Press

Published: 2019-06-30

Total Pages: 211

ISBN-13: 1501711938

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Why have the states of Europe agreed to create an Economic and Monetary Union (EMU) and a single European currency? What will decide the fate of this bold project? This book explains why monetary integration has deepened in Europe from the Bretton Woods era to the present day. McNamara argues that the development of a neoliberal economic policy consensus among European leaders in the years after the first oil crisis was crucial to stability in the European Monetary System and progress towards EMU. She identifies two factors, rising capital mobility and changing ideas about the government's proper role in monetary policymaking, as critical to the neoliberal consensus but warns that unresolved social tensions in this consensus may provoke a political backlash against EMU and its neoliberal reforms.McNamara's findings are relevant not only to European monetary integration, but to more general questions about the effects of international capital flows on states. Although this book delineates a range of constraints created by economic interdependence, McNamara rejects the notion that international market forces simply dictate government policy choice. She demonstrates that the process of neoliberal policy change is a historically dependent one, shaped by policymakers' shared beliefs and interpretations of their experiences in the global economy.

Adjustment and Growth in the European Monetary Union
Adjustment and Growth in the European Monetary Union

Author: Francisco Torres

Publisher: Cambridge University Press

Published: 1993-10-21

Total Pages: 406

ISBN-13: 052144019X

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The Maastricht Treaty, signed in December 1991, set a timetable for the European Community's economic and monetary union (EMU) and clearly defined the institutional policy changes necessary for its achievement. Subsequent developments have demonstrated, however, the importance of many key issues in the transition to EMU that were largely neglected at the time. This volume reports the proceedings of a joint CEPR conference with the Banco de Portugal, held in January 1992. In these papers, leading international experts address the instability of the transition to EMU, the long-run implications of monetary union and the single market for growth and convergence in Europe. They also consider the prospects for inflation and fiscal convergence, regional policy and the integration of financial markets and fiscal systems. Attention focuses on adjustment mechanisms with differentiated shocks, region-specific business cycles and excessive industrial concentration and the cases for a two-speed EMU and fiscal federalism.

The European Monetary Union
The European Monetary Union

Author: Nicola Acocella

Publisher: Cambridge University Press

Published: 2020-08-27

Total Pages: 489

ISBN-13: 1108840876

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Analyzes the roots of Europe's economic decline, examining institutions of the European Union and exploring possibilities for reform.

The European Monetary Union After the Crisis
The European Monetary Union After the Crisis

Author: Nazaré da Costa Cabral

Publisher: Routledge

Published: 2020-06-09

Total Pages: 317

ISBN-13: 1000096548

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This book provides a much-needed detailed analysis of the evolution of Europe over the last decade, as well as a discussion about the path of reform that has been trodden in the aftermath of the financial crisis. It offers a multidisciplinary view of the E(M)U and captures the main factors that induced the reform of the monetary union – a process that has not been linear and is far from being concluded. The author examines the policy responses designed throughout the development of the crisis and assesses the scale of the crisis in Europe, in comparison to other parts of the world, as well as its prolonged effects both in economic and financial terms. An update on the current ‘state of the art’ in the conception of risk-sharing mechanisms is provided. With its innovative approach, the book analyses the financing issues which need to be taken into consideration in the design of these instruments and highlights the main categories of governmental risk-sharing mechanisms – in particular, the ones to be used as ‘fiscal capacity’. This is a timely and topical book and will be of interest to a broad audience, including experts, scholars and students of European affairs, particularly those with economic, financial, legal and political science backgrounds.

Financial Crisis Management and Democracy
Financial Crisis Management and Democracy

Author: Bettina De Souza Guilherme

Publisher: Springer Nature

Published: 2020-12-09

Total Pages: 372

ISBN-13: 3030548953

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This open access book discusses financial crisis management and policy in Europe and Latin America, with a special focus on equity and democracy. Based on a three-year research project by the Jean Monnet Network, this volume takes an interdisciplinary, comparative approach, analyzing both the role and impact of the EU and regional organizations in Latin America on crisis management as well as the consequences of crisis on the process of European integration and on Latin America’s regionalism. The book begins with a theoretical introduction, exploring the effects of the paradigm change on economic policies in Europe and in Latin America and analyzing key systemic aspects of the unsustainability of the present economic system explaining the global crises and their interconnections. The following chapters are divided into sections. The second section explores aspects of regional governance and how the economic and financial crises were managed on a macro level in Europe and Latin America. The third and fourth sections use case studies to drill down to the impact of the crises at the national and regional levels, including the emergence of political polarization and rise in populism in both areas. The last section presents proposals for reform, including the transition from finance capitalism to a sustainable real capitalism in both regions and at the inter-regional level of EU-LAC relations.The volume concludes with an epilogue on financial crises, regionalism, and domestic adjustment by Loukas Tsoukalis, President of the Hellenic Foundation for European and Foreign Policy (ELIAMEP). Written by an international network of academics, practitioners and policy advisors, this volume will be of interest to researchers and students interested in macroeconomics, comparative regionalism, democracy, and financial crisis management as well as politicians, policy advisors, and members of national and regional organizations in the EU and Latin America.

Monetary Policy Transmission in the Euro Area
Monetary Policy Transmission in the Euro Area

Author: Ignazio Angeloni

Publisher: Cambridge University Press

Published: 2003-12-04

Total Pages: 515

ISBN-13: 1139438816

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This 2003 book offers the most systematic analysis available of the impact of European Central Bank monetary policy on the national economies of the Eurozone. Analysing macro and micro-economic evidence, with chapters by central bank economists, including a discussion chapter by eminent macroeconomists, it is an essential contribution to research on the subject.

European Variations as a Key to Cooperation
European Variations as a Key to Cooperation

Author: Ernst Hirsch Ballin

Publisher: Springer Nature

Published: 2020-01-02

Total Pages: 192

ISBN-13: 3030328937

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This Open Access book offers a novel view on the benefits of a lasting variation between the member states in the EU. In order to bring together thirty very different European states and their citizens, the EU will have to offer more scope for variation. Unlike the existing differentiation by means of opt-outs and deviations, variation is not a concession intended to resolve impasses in negotiations; it is, rather, a different structuring principle. It takes differences in needs and in democratically supported convictions seriously. A common core remains necessary, specifically concerning the basic principles of democracy, rule of law, fundamental rights and freedoms, and the common market. By taking this approach, the authors remove the pressure to embrace uniformity from the debate about the EU’s future. The book discusses forms of variation that fall both within and outside the current framework of European Union Treaties. The scope for these variations is mapped out in three domains: the internal market; the euro; and asylum, migration and border control.

European Monetary Integration
European Monetary Integration

Author: George K. Zestos

Publisher: South Western Educational Publishing

Published: 2006

Total Pages: 296

ISBN-13:

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This shorter text provides a complete overview of European economic and monetary integrationand investigates the euro's impact on Europe and the rest of the global economy. It takes anintuitive approach to explaining the complicated issues regarding the formation of the EMUand the introduction of the euro.

The United States as a Monetary Union
The United States as a Monetary Union

Author: Great Britain. Treasury

Publisher:

Published: 2003

Total Pages: 108

ISBN-13:

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This publication is part of a set of 18 documents which have been prepared by H.M. Treasury to inform the assessment of the Government's five economic tests for Economic and Monetary Union (EMU) entry into the euro area. This study considers the example of US monetary union, a union which covers a geographical area significantly larger than western Europe. As the world's largest economy, it provides a working example of how different regions, disparate in terms of their geography, climate, industry and heritage, develop within a monetary union.