Download Adjustment and Growth in the European Monetary Union by Francisco Torres, Francesco Giavazzi PDF

By Francisco Torres, Francesco Giavazzi

ISBN-10: 052144019X

ISBN-13: 9780521440196

This quantity analyzes the ecu Community's transition to monetary and financial union (EMU) within the mild of the agreements reached at Maastricht final 12 months. It derives from a convention held through the CEPR and the financial institution of Portugal, and contains between its participants a few famous educational commentators on ecu integration. the problems addressed within the quantity contain: the connection among a typical foreign money and inflation convergence; the consequences of financial unification on Europe's more and more built-in monetary markets and financial platforms; and EMU's implications for the EC's long term progress.

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Sample text

We also ask whether these shortcomings have been compensated by the upper bound to the length of Stage II and the proposed persistent monitoring of tough convergence criteria. The following section turns to this issue. 4 An interpretation of the monetary content of Stage II Several approaches to Stage II can be identified in the discussion leading up to the IGC in December 1991. They are: (i) the gradual transition favoured by (some members of) the Delors Committee, (ii) the common, or parallel, currency approach, (iii) the extension (and intensification) of the voluntary coordination of Stage I, and (iv) the need to undertake detailed preparations for Stage III.

These difficulties were also noted in a number of academic contributions, whether based on more theoretical analysis, for example, Wihlborg and Willett (1991), or on historical analogies, for example Eichengreen (1991) on the early and unsatisfactory Federal Reserve experience with inadequate centralization. 7 Gradualism may, however, still be a relevant notion for those member states which will have derogations from final EMU beyond 1 January 1999. The Delors Committee grappled with the central issue of reconciling gradualism with indivisibility of monetary authority, but had to give up its drafting efforts.

For example, the Council has not been given any additional authority to Coordinate monetary policy, and in preparing for the final stage its role will be advisory. 1 It must be noted, however, that whether the individual national central banks have become independent or not, members of the EMI councils may not, in that capacity, 'seek or take any instructions from Community institutions or bodies or governments of member states' (EMI Statute, Article 8). This is a formulation similar to that in Article 107 or in the ESCB Statute dealing with the final stage.

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