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Author: Marco Buti
Publisher: Cambridge University Press
Published: 2003-11-13
Total Pages: 376
ISBN-13: 9780521832151
DOWNLOAD EBOOKLeading scholars and policy makers examine the challenges that are facing economic policies in the EMU today.
Author: Mr.Francesco P. Mongelli
Publisher: International Monetary Fund
Published: 1996-07-01
Total Pages: 47
ISBN-13: 145184929X
DOWNLOAD EBOOKThis paper presents a methodology to analyze the responsiveness of fiscal sustainability to the “endogenous fiscal discipline” that will be strengthened by the EMU. This discipline arises in response to the harmonization of tax systems, the loss of control of current and prospective money financing, and the deepening of financial market-based discipline. The model used in this paper is a generalization of Blanchard’s (1984) model, in which the interest rate is determined endogenously. This provides the framework to analyze more features of the linkage between sustainability and endogenous fiscal discipline. This paper also presents a new intratemporal fiscal sustainability index.
Author: Marco Buti
Publisher: Edward Elgar Publishing
Published: 2005-01-01
Total Pages: 321
ISBN-13: 1845426711
DOWNLOAD EBOOKThe book has many merits, and represents an important contribution to the controversial topic of European fiscal policy. I appreciated in particular the high quality and rigor of the analysis and the fact that the pros and cons of the contending opinions are presented in a fair way. It is a rewarding reading. EAEPE Newsletter Buti and Franco present a series of interesting analytical information which should be read by as broad an audience as possible. . . the book is a good buy. László Csaba, Acta Oeconomica This book explores the origins, rationale, problems and prospects of the European fiscal policy framework. It provides the reader with a roadmap to EMU s budgetary framework by exploring its theoretical and empirical foundations, uncovering its historical roots and emphasising its supranational nature. The authors, who have been at the forefront of the academic and policy debate on economic policy in Europe, argue that fiscal policy has always been at the core of the EMU debate. The Maastricht criteria and the Stability and Growth Pact are the most contentious building blocks of EMU s institutional architecture: they have aroused heated controversies between academics and policymakers ever since their adoption. As EMU s budgetary rules undergo their first severe shock, Europe is still searching for its fiscal soul. The book s basic premise is that one cannot fully understand EMU s fiscal framework and the recent debate on its reform without placing them in a historical and institutional perspective and abstracting from the uniqueness of EMU, where sovereign countries retain a large degree of fiscal independence, and monetary policy is entrusted to an independent central bank with the overriding mission of maintaining price stability. Analysing all aspects of EMU s fiscal rules and institutions, this book will strongly appeal to students, academics and researchers of macroeconomic policy and European integration. Policymakers and fiscal policy experts at both national and international levels will also find the book to be of great interest.
Author: Mr.Giovanni Dell'Ariccia
Publisher: International Monetary Fund
Published: 2018-09-07
Total Pages: 54
ISBN-13: 1484359623
DOWNLOAD EBOOKThis paper reviews empirical and theoretical work on the links between banks and their governments (the bank-sovereign nexus). How significant is this nexus? What do we know about it? To what extent is it a source of concern? What is the role of policy intervention? The paper concludes with a review of recent policy proposals.
Author: Fabian Amtenbrink
Publisher: Oxford University Press
Published: 2020-05-21
Total Pages: 1649
ISBN-13: 019251248X
DOWNLOAD EBOOKPresenting a sweeping analysis of the legal foundations, institutions, and substantive legal issues in EU monetary integration, The EU Law of Economic and Monetary Union serves as an authoritative reference on the legal framework of European economic and monetary union. The book opens by setting out the broader contexts for the European project - historical, economic, political, and regarding the international framework. It goes on to examine the constitutional architecture of EMU; the main institutions and their legal powers; the core legal provisions of monetary and economic union; and the relationship of EMU with EU financial market and banking regulation. The concluding section analyses the current EMU crisis and the main avenues of future reform.
Author: International Bureau of Fiscal Documentation
Publisher:
Published: 1997
Total Pages: 662
ISBN-13:
DOWNLOAD EBOOKAuthor: Paul De Grauwe
Publisher: Oxford University Press, USA
Published: 2012-05-31
Total Pages: 281
ISBN-13: 0199605572
DOWNLOAD EBOOKThe ninth edition of Economics of Monetary Union provides a concise analysis of the theories and policies relating to monetary union. The author analyses both the costs and benefits associated with having one currency, as well as the practical workings and current issues with the Euro. In Part One the author examines the implications of adopting a common currency; assessing the countries benefit from being in the Eurozone members, while also questioning whether other parts of the world would gain from monetary unification. Part Two of the book looks at the problems of running a monetary union by analysing Europe's experience and the issues faced by the European Central Bank. Review comments: 'As a book that focuses on the Economics of the EMU, it is literally and metaphorically without competition and thus beyond compare'. Professor Rob Ackrill, Nottingham Trent University 'I think it is the best in the field.' Dr Matteo Iannizzotto, Durham University 'It is clearly the leading textbook for lecturers teaching modules in European Integration and a key reference for students and researchers.' Dr Jan Fidrmuc, Brunel University Online Resource Centre: For Students: Links to data sources Essay questions links to articles and papers For Lecturers: Instructor manual PowerPoint slides
Author: Lorenzo Bini Smaghi
Publisher:
Published: 1994
Total Pages: 86
ISBN-13:
DOWNLOAD EBOOKAuthor: Stefan Griller
Publisher: Bloomsbury Publishing
Published: 2021-02-25
Total Pages: 728
ISBN-13: 1509935797
DOWNLOAD EBOOKIn this book, legal scholars from the EU Member States (with the addition of the UK) analyse the development of the EU Member States' attitudes to economic, fiscal, and monetary integration since the Treaty of Maastricht. The Eurozone crisis corroborated the warnings of economists that weak economic policy coordination and loose fiscal oversight would be insufficient to stabilise the monetary union. The country studies in this book investigate the legal, and in particular the constitutional, pre-conditions for deeper fiscal and monetary integration that influenced the past and might impact on the future positions in the (now) 27 EU Member States. The individual country studies address the following issues: - Main characteristics of the national constitutional system, and constitutional culture; - Constitutional foundations of Economic and Monetary Union (EMU) membership and related instruments; - Constitutional obstacles to EMU integration; - Constitutional rules and/or practice on implementing EMU-related law; and - The resulting relationship between EMU-related law and national law Offering a comprehensive and detailed assessment of the legal and constitutional developments concerning the Economic and Monetary Union since the Treaty of Maastricht, this book provides not only a study of legal EMU-related measures and reforms at the EU level, but most importantly sheds light on their perception in the EU Member States.
Author: Mr.Helge Berger
Publisher: International Monetary Fund
Published: 2018-02-20
Total Pages: 63
ISBN-13: 1484340426
DOWNLOAD EBOOKThe paper makes an analytical contribution to the revived discussion about the euro area’s institutional setup. After significant progress during the euro crisis, the drive to complete Europe’s Economic and Monetary Union (EMU) had stalled, and the way forward will benefit from an in-depth look at the conceptual issues raised by the evolution and architecture of Europe, and the tradeoffs involved. A thorough look at the underlying economic issues suggests that in the long run, EMU will benefit from progressing along three mutually supporting tracks: introduce more fiscal risk sharing, helping to make the sovereign “no bailout” rule credible; complementary financial sector reforms to delink sovereigns and banks; and more effective rules to discourage moral hazard. This evolution would ensure that financial markets provide incentives for fiscal discipline. Introducing more fiscal union comes with myriad legal, technical, operational, and political problems, raising questions well beyond the remit of economics. But without decisive progress to foster fiscal risk sharing, EMU will continue to face existential risks.
