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European Monetary Union

Transition, International Impact and Policy Options

  • Conference proceedings
  • © 1997

Overview

Editors:
  1. Paul J. J. Welfens

    1. European Institute for International Economic Relations, University of Potsdam, Potsdam, Germany

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  • up-to-date information on the process towards monetary union in Europe * includes innovative research and new empirical analysis

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Table of contents (16 papers)

  1. Front Matter

    Pages I-X
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  2. Introduction

    1. Introduction

      • Paul J. J. Welfens
      Pages 1-10

  3. Transition and Long Interest Rates in Germany

    1. Front Matter

      Pages 11-11
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    2. EMU and Long Interest Rates in Germany

      • Jeromin Zettelmeyer
      Pages 13-70

    3. EMU and Outsiders: Fixed versus Flexible Exchange Rates

      • Paul Bergin, Mathias Moersch
      Pages 71-130

  4. Financial Markets and Monetary Policy

    1. Front Matter

      Pages 131-131
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    2. Foreign Exchange Vehicles Before and After EMU: From Dollar/Mark to Dollar/Euro?

      • Philipp Hartmann
      Pages 133-159

    3. Does a Core-Periphery Regime Make Europe into an Optimal Currency Area?

      • Maria Demertzis, Andrew Hughes Hallett, Ole Rummel
      Pages 161-234

    4. Competitive Neutrality of Monetary Policy Instruments for EMU

      • Lukas Menkhoff
      Pages 235-268

  5. Fiscal Aspects of the Maastricht Treaty and Political Economy of Transition

    1. Front Matter

      Pages 269-269
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    2. Self-Fulfilling Public Debt Crises

      • Daniel Gros
      Pages 271-295

    3. EU Labor Markets Inside and Outside the Monetary Union

      • Richard Jackman
      Pages 297-330

    4. Political Economy of EMU and Stabilization Policy

      • Paul J. J. Welfens, André Jungmittag
      Pages 331-399

  6. Necessary Amendments for a Functional EMU

    1. Front Matter

      Pages 401-401
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    2. Deficits, Debts and the Stability Pact

      • Stefan Collignon
      Pages 403-414

    3. Preparing for EMU

      • Robert Raymond
      Pages 415-417

    4. Doctrinal Amendments for a Functional EMU ? A Few Reminiscences of Economic History

      • Michèle Schmiegelow
      Pages 419-426

  7. European Monetary Union from a German Perspective

    1. Front Matter

      Pages 427-427
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    2. Compromise Should not Undermine the Credibility of the Euro Currency

      • Hans Jäckel
      Pages 429-432

    3. EMU: A German Viewpoint

      • Heinrich Matthes
      Pages 433-438
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Keywords

About this book

Paul J. J. Welfens European monetary union has been discussed for more than three decades and is likely to be realized in 1999. One may anticipate generous interpretations of the fiscal convergence criteria. Such generosity consistent with the Maastricht Treaty might impair the credibility of the ECB and the stability of the Euro, respectively, despite the fact that inflation is a monetary phenomenon and has little to do with government deficits, unless they were financed via the printing press, which is excluded in the Maastricht Treaty. The European Commission's forecast of spring 1997 suggests that Italy will have problems in joining the EMU starter group as the is expected to be 3. 2% in 1997 and even 3. 9% in 1998. A Italian deficitlGDP ratio fully developed EMU group (with all 15 cowltries included) would represent 38% of the OECD GDP, slightly higher than the U. S. with 33% (Japan 21%). The exports/GDP ratio of EU countries is 30%, the ratio with respect to exports outside the EU would be 10% (Japan, U. S. 8%). The share of the U. S. dollar in international currency reserves fell from 67% to 40% in 1995, while the share of European currencies increased from 13% to 37%. Prior to the EMU, market participants have to anticipate whether a transition to 1999 will bring windfall losses or gains in various bond markets.

Editors and Affiliations

  • European Institute for International Economic Relations, University of Potsdam, Potsdam, Germany

    Paul J. J. Welfens

Bibliographic Information

  • Book Title: European Monetary Union

  • Book Subtitle: Transition, International Impact and Policy Options

  • Editors: Paul J. J. Welfens

  • DOI: https://doi.org/10.1007/978-3-642-59039-9

  • Publisher: Springer Berlin, Heidelberg

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer-Verlag Berlin Heidelberg 1997

  • Hardcover ISBN: 978-3-540-63305-1Due: 18 September 1997

  • Softcover ISBN: 978-3-642-63827-5Published: 12 February 2012

  • eBook ISBN: 978-3-642-59039-9Published: 06 December 2012

  • Edition Number: 1

  • Number of Pages: X, 467

  • Number of Illustrations: 5 b/w illustrations

  • Topics: Finance, general, International Economics

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