How to leave a single currency
... clear that euro membership certainly is not irreversible, even though The Maastricht Treaty contains no clause of exit from the single currency. Only one question remained: can it be achieved without major financial and economic disruptions induced by markets and/or euro area institutions? The Euroz ...
... clear that euro membership certainly is not irreversible, even though The Maastricht Treaty contains no clause of exit from the single currency. Only one question remained: can it be achieved without major financial and economic disruptions induced by markets and/or euro area institutions? The Euroz ...
Philip R. Lane IIIS, Trinity College Dublin and CEPR
... the monetary union. Second, to the extent that financial integration improves the macroeconomic coherence of the monetary union, it endogenously helps the euro area to fulfill the criteria for an optimal currency area. In what follows, we consider both aspects of the inter-relation between monetary ...
... the monetary union. Second, to the extent that financial integration improves the macroeconomic coherence of the monetary union, it endogenously helps the euro area to fulfill the criteria for an optimal currency area. In what follows, we consider both aspects of the inter-relation between monetary ...
Monetary and Economic Integration in Africa
... Monitoring of Institutes established to fast-track integration A transitional monetary institution, with the primary objective of fast-tracking the drive towards integration, has come to ...
... Monitoring of Institutes established to fast-track integration A transitional monetary institution, with the primary objective of fast-tracking the drive towards integration, has come to ...
The euro as an international currency
... Although these different functions tend to reinforce each other, a currency may fulfill only some international functions. For example, before 1999, the European Currency Unit (ECU – a basket of European currencies) played only a limited role as a medium of exchange for central banks, and as a store ...
... Although these different functions tend to reinforce each other, a currency may fulfill only some international functions. For example, before 1999, the European Currency Unit (ECU – a basket of European currencies) played only a limited role as a medium of exchange for central banks, and as a store ...
Securitisation to the Rescue - Foundation for European Progressive
... I claim that an explanation of the promotion of securitisation and market-‐based finance must not only consider the agency of financial market participants as capture theories do, but als ...
... I claim that an explanation of the promotion of securitisation and market-‐based finance must not only consider the agency of financial market participants as capture theories do, but als ...
Beju D., Romania`s monetary policy towards EMU integration
... compatible with the preservation of price stability. This tendency was favoured by the ambiguus formulation of Law no.34/1991 regarding the Statute of NBR, whose article 1 stipulated “The NBR establishes and implements the monetary policy within the economic and financial policy of the state”. As a ...
... compatible with the preservation of price stability. This tendency was favoured by the ambiguus formulation of Law no.34/1991 regarding the Statute of NBR, whose article 1 stipulated “The NBR establishes and implements the monetary policy within the economic and financial policy of the state”. As a ...
International Monetary Fund The History of the IMF The Present IMF
... well as laying the groundwork for future integration of bank regulation and even Eurozone bonds, its role as the central bank and in particular its strict commitment to inflation mean its involvement is by nature limited. The Fund’s involvement is necessary in countries like Greece where underlying ...
... well as laying the groundwork for future integration of bank regulation and even Eurozone bonds, its role as the central bank and in particular its strict commitment to inflation mean its involvement is by nature limited. The Fund’s involvement is necessary in countries like Greece where underlying ...
A safer and more prosperous Economic and Monetary Union
... complete and convergent EMU. While the creation of the EMU represented a major step forward for the EU as a whole, it should be acknowledged that, like all great political and economic projects, it was not born ready-made. We envision the Euro area to be joined, ultimately, by the seven Member State ...
... complete and convergent EMU. While the creation of the EMU represented a major step forward for the EU as a whole, it should be acknowledged that, like all great political and economic projects, it was not born ready-made. We envision the Euro area to be joined, ultimately, by the seven Member State ...
From Currency Unions to a World Currency: A Possibility?
... unions could lead to the creation of a global currency in the future. In line with many other research works in this topic,2 we will consider two main costs and benefits predicted by the theory of Optimum Currency Areas:3 (i) the business-cycle correlation between the candidate’s economy and that of ...
... unions could lead to the creation of a global currency in the future. In line with many other research works in this topic,2 we will consider two main costs and benefits predicted by the theory of Optimum Currency Areas:3 (i) the business-cycle correlation between the candidate’s economy and that of ...
Analysis of Convergence Criteria in a Proposed Monetary Union: A
... union as one of the factors responsible for low intra-regional trade in the sub-region (Ogunkola, 2001; 1997; 1995 and Jebuni, Ogunkola & Soludo, 1999). The vision of ECOWAS since it was founded in 1975 has been to create a single regional economic space having a single market and single currency th ...
... union as one of the factors responsible for low intra-regional trade in the sub-region (Ogunkola, 2001; 1997; 1995 and Jebuni, Ogunkola & Soludo, 1999). The vision of ECOWAS since it was founded in 1975 has been to create a single regional economic space having a single market and single currency th ...
... The share of domestic government bonds at the books of domestic banks went down after the introduction of the euro, illustrating the beneficial effect of the euro on financial sector integration. After the start of the crisis however, this trend was suddenly reversed. Banks from Northern member stat ...
Presentation
... • The Eurozone needs austerity in the south to realign relative prices • Austerity comes from markets; policy softens the budget constraints • Exits may be better than austerity H.-W. Sinn ...
... • The Eurozone needs austerity in the south to realign relative prices • Austerity comes from markets; policy softens the budget constraints • Exits may be better than austerity H.-W. Sinn ...
here
... • The Eurozone needs austerity in the south to realign relative prices • Austerity comes from markets; policy softens the budget constraints • Exits may be better than austerity H.-W. Sinn ...
... • The Eurozone needs austerity in the south to realign relative prices • Austerity comes from markets; policy softens the budget constraints • Exits may be better than austerity H.-W. Sinn ...
how interdependent are eastern european economies and
... Since the fall of the Iron Curtain, there has been a remarkable pace at which integration between Western Europe and Eastern Europe took place. While there were doubtlessly also backlashes, the overly successful process culminated in the accession of the Czech Republic, Cyprus, Estonia, Hungary, Lat ...
... Since the fall of the Iron Curtain, there has been a remarkable pace at which integration between Western Europe and Eastern Europe took place. While there were doubtlessly also backlashes, the overly successful process culminated in the accession of the Czech Republic, Cyprus, Estonia, Hungary, Lat ...
UNIWERSYTET GDAŃSKI – WYDZIAŁ EKONOMICZNY
... it will be convergent enough to decrease significantly costs of the membership in the European Monetary Union (EMU). A discussion which takes place in Poland nowadays concerning adoption of the euro seems very interesting and lively. Sceptics of the monetary integration claim that Poland is not read ...
... it will be convergent enough to decrease significantly costs of the membership in the European Monetary Union (EMU). A discussion which takes place in Poland nowadays concerning adoption of the euro seems very interesting and lively. Sceptics of the monetary integration claim that Poland is not read ...
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... that determines policy (Hefeker 2003). Some observers, in contrast, claim that the ECB council is dominated by some members, and that the official ‘one country, one vote’ system does not adequately reflect the de-facto power distribution (Fatum 2006). However, even in this case it is well possible t ...
... that determines policy (Hefeker 2003). Some observers, in contrast, claim that the ECB council is dominated by some members, and that the official ‘one country, one vote’ system does not adequately reflect the de-facto power distribution (Fatum 2006). However, even in this case it is well possible t ...
A monetary and fiscal framework for macroeconomic stability in the
... elimination of large regional price levels would be, should they arise. The ongoing eurozone crisis shows that the economic and social costs associated with realigning the regional price levels in the EMU are tremendous. There is no good reason to assume that the costs associated with the removal of ...
... elimination of large regional price levels would be, should they arise. The ongoing eurozone crisis shows that the economic and social costs associated with realigning the regional price levels in the EMU are tremendous. There is no good reason to assume that the costs associated with the removal of ...
Macroeconomic Asymmetry and Imbalance in the Eurozone Abstract
... of these territorial entities was accompanied by their economic and political unification that helped to reduce disparities and increase homogenization. The European economic and monetary unification is based on an institutional framework including not only the founding treaties of the European Unio ...
... of these territorial entities was accompanied by their economic and political unification that helped to reduce disparities and increase homogenization. The European economic and monetary unification is based on an institutional framework including not only the founding treaties of the European Unio ...
Coming Home to Europe: Greece and the Euro
... November 1999 that Greece does not have an "excessive deficit" and is therefore in compliance with the public finance criterion. • Exchange rate: In the two-year reference period from April 1998 to March 2000 the drachma participated in the EMS and the Exchange Rate Mechanism II respectively. During ...
... November 1999 that Greece does not have an "excessive deficit" and is therefore in compliance with the public finance criterion. • Exchange rate: In the two-year reference period from April 1998 to March 2000 the drachma participated in the EMS and the Exchange Rate Mechanism II respectively. During ...
Regional Currency Arrangements: Insights from Europe
... rates, which could possibly have amplified exchange rate volatility and hence posed a serious threat to the functioning of the internal market. In this crucial situation, the Delors Report (which was adopted by the European Council in June 1989) forged a common understanding of macroeconomic policym ...
... rates, which could possibly have amplified exchange rate volatility and hence posed a serious threat to the functioning of the internal market. In this crucial situation, the Delors Report (which was adopted by the European Council in June 1989) forged a common understanding of macroeconomic policym ...
Economic Growth in Denmark, Sweden and the United
... In addition to the exchange rate criterion, Sweden currently does not meet the criterion of central bank independence (see ECB, 2004a). In May 2004, EU enlargement brought the number of Member States to 25. See Article 99 of the Maastricht Treaty, which foresees the establishment of broad guidelines ...
... In addition to the exchange rate criterion, Sweden currently does not meet the criterion of central bank independence (see ECB, 2004a). In May 2004, EU enlargement brought the number of Member States to 25. See Article 99 of the Maastricht Treaty, which foresees the establishment of broad guidelines ...
del04-nitschpart1 223946 en
... observations, however, the actual sample is often somewhat (but not much) smaller. The data are compiled from a number of different sources. Since for some countries in my sample data are often not available or, when they are, they are of poor quality, I collected data from various standard data fil ...
... observations, however, the actual sample is often somewhat (but not much) smaller. The data are compiled from a number of different sources. Since for some countries in my sample data are often not available or, when they are, they are of poor quality, I collected data from various standard data fil ...
The Euro Area`s Exchange Rate Policy and the Experience with
... has to be involved given its economic and technical expertise, but also because any intervention must be consistent with the monetary policy stance. Finance ministries are often involved because they own the foreign reserves. Moreover, the success of exchange rate policies also depends on supportive ...
... has to be involved given its economic and technical expertise, but also because any intervention must be consistent with the monetary policy stance. Finance ministries are often involved because they own the foreign reserves. Moreover, the success of exchange rate policies also depends on supportive ...
This PDF is a selection from a published volume from... Economic Research Volume Title: Europe and the Euro
... be to provide national central banks with the volume of euros needed to be a full lender of last resort. If a country sees its banks failing because the national bank cannot create as much currency as it would have been able to before the EMU, that would be a further reason for a country to consider ...
... be to provide national central banks with the volume of euros needed to be a full lender of last resort. If a country sees its banks failing because the national bank cannot create as much currency as it would have been able to before the EMU, that would be a further reason for a country to consider ...
The Negative Rate Chrono-Synclastic Infundibula
... functioned less well and banks desired to hold higher liquid reserves than they had been comfortable with prior to the crisis. Therefore, when they obtained excess reserves they were more likely to hold ...
... functioned less well and banks desired to hold higher liquid reserves than they had been comfortable with prior to the crisis. Therefore, when they obtained excess reserves they were more likely to hold ...
Eurozone
The eurozone (About this sound pronunciation ), officially called the euro area, is a monetary union of 19 of the 28 European Union (EU) member states which have adopted the euro (€) as their common currency and sole legal tender. The other nine members of the European Union continue to use their own national currencies.The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. Other EU states (except for Denmark and the United Kingdom) are obliged to join once they meet the criteria to do so. No state has left, and there are no provisions to do so or to be expelled. Andorra, Monaco, San Marino, and Vatican City have formal agreements with the EU to use the euro as their official currency and issue their own coins. Kosovo and Montenegro have adopted the euro unilaterally, but these countries do not officially form part of the eurozone and do not have representation in the European Central Bank (ECB) or in the Eurogroup.The ECB, which is governed by a president and a board of the heads of national central banks, sets the monetary policy of the zone. The principal task of the ECB is to keep inflation under control. Though there is no common representation, governance or fiscal policy for the currency union, some co-operation does take place through the Eurogroup, which makes political decisions regarding the eurozone and the euro. The Eurogroup is composed of the finance ministers of eurozone states, but in emergencies, national leaders also form the Eurogroup.Since the financial crisis of 2007–08, the eurozone has established and used provisions for granting emergency loans to member states in return for the enactment of economic reforms. The eurozone has also enacted some limited fiscal integration, for example in peer review of each other's national budgets. The issue is political and in a state of flux in terms of what further provisions will be agreed for eurozone reform.