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Download or read book Designing Fiscal and Monetary Institutions for a European Monetary Union written by Roel M. W. J. Beetsma and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author: Fabian Amtenbrink
Publisher: Oxford University Press
Published: 2020-05-21
Total Pages: 1808
ISBN-13: 0192512498
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.
Download or read book EU Law of Economic & Monetary Union written by Fabian Amtenbrink and published by Oxford University Press. This book was released on 2020-05-21 with total page 1808 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presenting 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 Monetary Fund. Strategy, Policy, & Review Department
Publisher: International Monetary Fund
Published: 2018-03-16
Total Pages: 71
ISBN-13: 1498307280
DOWNLOAD EBOOK"Despite a long history of program engagement, the Fund has not developed guidance on program design in members of currency unions. The Fund has engaged with members of the four currency unions—the Central African Economic and Monetary Community, the Eastern Caribbean Currency Union, the European Monetary Union, and the West African Economic and Monetary Union—under Fund-supported programs. In some cases, union-wide institutions supported their members in undertaking adjustment under Fund-supported programs. As such, several programs incorporated—on an ad hoc basis—critical policy actions that union members had delegated. Providing general guidance on program design for members in a currency union context would fill a gap in Fund policy and help ensure consistent, transparent, and evenhanded treatment across Fund-supported programs. This paper considers two options on when and how the Fund should seek policy assurances from union-level institutions in programs of currency union members. Option 1 would involve amending the Conditionality Guidelines, which would allow the use of standard conditionality tools with respect to actions by union-level institutions. Option 2—which staff prefers—proposes formalizing current practices and providing general guidance regarding principles and modalities on policy assurances from union-level institutions in support of members’ adjustment programs. Neither option would infringe upon the independence (or legally-provided autonomy) of union-level institutions, since the institutions would decide what measures or policy actions to take—just as any independent central bank or monetary authority does, for example, in non-CU members."
Download or read book Program Design in Currency Unions written by International Monetary Fund. Strategy, Policy, & Review Department and published by International Monetary Fund. This book was released on 2018-03-16 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Despite a long history of program engagement, the Fund has not developed guidance on program design in members of currency unions. The Fund has engaged with members of the four currency unions—the Central African Economic and Monetary Community, the Eastern Caribbean Currency Union, the European Monetary Union, and the West African Economic and Monetary Union—under Fund-supported programs. In some cases, union-wide institutions supported their members in undertaking adjustment under Fund-supported programs. As such, several programs incorporated—on an ad hoc basis—critical policy actions that union members had delegated. Providing general guidance on program design for members in a currency union context would fill a gap in Fund policy and help ensure consistent, transparent, and evenhanded treatment across Fund-supported programs. This paper considers two options on when and how the Fund should seek policy assurances from union-level institutions in programs of currency union members. Option 1 would involve amending the Conditionality Guidelines, which would allow the use of standard conditionality tools with respect to actions by union-level institutions. Option 2—which staff prefers—proposes formalizing current practices and providing general guidance regarding principles and modalities on policy assurances from union-level institutions in support of members’ adjustment programs. Neither option would infringe upon the independence (or legally-provided autonomy) of union-level institutions, since the institutions would decide what measures or policy actions to take—just as any independent central bank or monetary authority does, for example, in non-CU members."
Author: Andrew Hughes Hallett
Publisher: Cambridge University Press
Published: 1999-10-07
Total Pages: 380
ISBN-13: 9780521651622
DOWNLOAD EBOOKA survey of fiscal policy under the restrictions of a single monetary policy and the Stability Pact.
Download or read book Fiscal Aspects of European Monetary Integration written by Andrew Hughes Hallett and published by Cambridge University Press. This book was released on 1999-10-07 with total page 380 pages. Available in PDF, EPUB and Kindle. Book excerpt: A survey of fiscal policy under the restrictions of a single monetary policy and the Stability Pact.
Author: Harold James
Publisher: Harvard University Press
Published: 2012-11-19
Total Pages: 324
ISBN-13: 0674070941
DOWNLOAD EBOOKEurope’s financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro’s invention. Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar’s privileged position in the international monetary system, and Germany’s persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community’s Committee of Central Bank Governors and the Delors Committee of 1988–89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.
Download or read book Making the European Monetary Union written by Harold James and published by Harvard University Press. This book was released on 2012-11-19 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt: Europe’s financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro’s invention. Since the 1960s, Europeans had been looking for a way to address two conundrums simultaneously: the dollar’s privileged position in the international monetary system, and Germany’s persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980s and 1990s, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community’s Committee of Central Bank Governors and the Delors Committee of 1988–89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.
Author: Nicola Acocella
Publisher: Cambridge University Press
Published: 2020-08-27
Total Pages: 489
ISBN-13: 1108896987
DOWNLOAD EBOOKThe European Union is at a crossroads. This book analyzes the historical roots of the EU's monetary and financial institutions in order to better understand its struggle to maintain an economic and monetary union, as well as the ongoing problems facing the Euro. The institutions of the EU are based on the operation of free markets, a common monetary policy, and the European Central Bank. These founding policies have created many of the imbalances at the root of the ongoing European recession. Reemerging threats of populism and localism are poised to further disintegrate the European construction and may spark fierce opposition between countries. Acocella engages with these risks, suggesting detailed actions for reform within the EU and its institutions that may steer it away from further conflict, allowing it to better serve its member states and citizens.
Download or read book The European Monetary Union written by Nicola Acocella and published by Cambridge University Press. This book was released on 2020-08-27 with total page 489 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union is at a crossroads. This book analyzes the historical roots of the EU's monetary and financial institutions in order to better understand its struggle to maintain an economic and monetary union, as well as the ongoing problems facing the Euro. The institutions of the EU are based on the operation of free markets, a common monetary policy, and the European Central Bank. These founding policies have created many of the imbalances at the root of the ongoing European recession. Reemerging threats of populism and localism are poised to further disintegrate the European construction and may spark fierce opposition between countries. Acocella engages with these risks, suggesting detailed actions for reform within the EU and its institutions that may steer it away from further conflict, allowing it to better serve its member states and citizens.
Author: Mr.Charles Enoch
Publisher: International Monetary Fund
Published: 1997-12-01
Total Pages: 23
ISBN-13: 1451858914
DOWNLOAD EBOOKThe European Monetary Institute has been working with national central banks of the European Union (EU) to prepare instruments for the operation of monetary policy in Stage 3 of European Economic and Monetary Union. Several publications describing the proposed arrangements have been issued. This paper briefly summarizes the arrangements and identifies some areas in which important decisions still have to be made or refinements introduced—including the choice of counterparties in fine-tuning open market operations; the design of reserve requirements; the signaling function of monetary operations; and payment system relationships with non-EMU participants in the EU.
Download or read book Some Issues in the Design of Monetary Instruments for the Operation of European Economic and Monetary Union written by Mr.Charles Enoch and published by International Monetary Fund. This book was released on 1997-12-01 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Monetary Institute has been working with national central banks of the European Union (EU) to prepare instruments for the operation of monetary policy in Stage 3 of European Economic and Monetary Union. Several publications describing the proposed arrangements have been issued. This paper briefly summarizes the arrangements and identifies some areas in which important decisions still have to be made or refinements introduced—including the choice of counterparties in fine-tuning open market operations; the design of reserve requirements; the signaling function of monetary operations; and payment system relationships with non-EMU participants in the EU.
Author: Giuseppe Eusepi
Publisher: Edward Elgar Publishing
Published: 2004-01-01
Total Pages: 240
ISBN-13: 1845420586
DOWNLOAD EBOOKThis book makes a valuable, analytical contribution to recent debates on the ongoing institutional changes occurring within the European Union. It provides a comprehensive and diverse insight into a variety of areas, including in-depth studies of fiscal, monetary and voting issues, to help elucidate the current period of transitional change. The authors argue that a fiscal constitution is essential to help solve the deficits and debts that member countries face due to welfare state financing. Moreover, they believe that the successful implementation of a fiscal constitution is the key to a more coherent institutional setting for Europe as a whole. Although monetary institutions within the EU have already secured a degree of constitutional solution in the form of the euro, they warn that its stabilising power should not be overestimated: the European Central Bank has yet to experience financial crises like those faced by the Federal Reserve Bank. The authors move on to propose a new parliamentary design for Europe and assess the advantages for the elite of a small country to join the EU, compared to the population at large. This volume comprehensively explores the rapidly changing institutional configuration of the EU, employing both qualitative and quantitative approaches. It will be required reading for scholars of public choice, and those with an interest in political economy and EU integration. It is also an excellent sourcebook on European institutions and would provide useful complementary reading in a variety of undergraduate and postgraduate courses.
Download or read book Changing Institutions in the European Union written by Giuseppe Eusepi and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book makes a valuable, analytical contribution to recent debates on the ongoing institutional changes occurring within the European Union. It provides a comprehensive and diverse insight into a variety of areas, including in-depth studies of fiscal, monetary and voting issues, to help elucidate the current period of transitional change. The authors argue that a fiscal constitution is essential to help solve the deficits and debts that member countries face due to welfare state financing. Moreover, they believe that the successful implementation of a fiscal constitution is the key to a more coherent institutional setting for Europe as a whole. Although monetary institutions within the EU have already secured a degree of constitutional solution in the form of the euro, they warn that its stabilising power should not be overestimated: the European Central Bank has yet to experience financial crises like those faced by the Federal Reserve Bank. The authors move on to propose a new parliamentary design for Europe and assess the advantages for the elite of a small country to join the EU, compared to the population at large. This volume comprehensively explores the rapidly changing institutional configuration of the EU, employing both qualitative and quantitative approaches. It will be required reading for scholars of public choice, and those with an interest in political economy and EU integration. It is also an excellent sourcebook on European institutions and would provide useful complementary reading in a variety of undergraduate and postgraduate courses.
Author: Colin Crouch
Publisher: OUP Oxford
Published: 2000-03-09
Total Pages: 304
ISBN-13: 0191522643
DOWNLOAD EBOOKNow that the process of full implementation of European Monetary Union has begun, it is time to shift attention away from the process of introduction to the implications that the common currency will have for a wide range of institutions and policy areas. The wider political and social institutions of the European Union are not well developed there is an institutional deficit which parallels the more widely know democratic deficit. Monetary arrangements of nation states are imbedded in a range of political, cultural, economic and historical factors. Will mechanisms of these kinds eventually develop at the European level? Can national structures adapt to meet the challenge? The contributors to After the Euro tackle these questions and in doing so, take the debate beyond the economic and sovereignty questions which have so far dominated the debate.
Download or read book After the Euro written by Colin Crouch and published by OUP Oxford. This book was released on 2000-03-09 with total page 304 pages. Available in PDF, EPUB and Kindle. Book excerpt: Now that the process of full implementation of European Monetary Union has begun, it is time to shift attention away from the process of introduction to the implications that the common currency will have for a wide range of institutions and policy areas. The wider political and social institutions of the European Union are not well developed there is an institutional deficit which parallels the more widely know democratic deficit. Monetary arrangements of nation states are imbedded in a range of political, cultural, economic and historical factors. Will mechanisms of these kinds eventually develop at the European level? Can national structures adapt to meet the challenge? The contributors to After the Euro tackle these questions and in doing so, take the debate beyond the economic and sovereignty questions which have so far dominated the debate.
Author: Mr.Carlo Cottarelli
Publisher: International Monetary Fund
Published: 2014-12-05
Total Pages: 270
ISBN-13: 1138783226
DOWNLOAD EBOOKDoes the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? This book looks at the experience of 13 federal states to help inform the heated debate on this issue. It analyses in detail their practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe. More specifically, this book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements are used to coordinate fiscal policy between the federal and subnational levels? What are the links between federal and subnational debt, and how have subnational financing crises been handled, when they occurred? These policy questions are critical in many federations, and central to the current discussions about future paths for the European Union. This book brings to the table new, practical insights through a systematic and comprehensive comparison of the EU fiscal framework with that of federal states. It also departs from the decentralization perspective that has been prominent in the literature by focusing on the role of the centre (which responsibilities are centralized at the federal level and how they are handled, rather than which functions belong to the local level). Such an approach is particularly relevant for the European Union, where a fiscal union would imply granting new powers to the centre.
Download or read book Designing a European Fiscal Union written by Mr.Carlo Cottarelli and published by International Monetary Fund. This book was released on 2014-12-05 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: Does the European Union need closer fiscal integration, and in particular a stronger fiscal centre, to become more resilient to economic shocks? This book looks at the experience of 13 federal states to help inform the heated debate on this issue. It analyses in detail their practices in devolving responsibilities from the subnational to the central level, compares them to those of the European Union, and draws lessons for a possible future fiscal union in Europe. More specifically, this book tries to answer three sets of questions: What is the role of centralized fiscal policies in federations, and hence the size, features and functions of the central budget? What institutional arrangements are used to coordinate fiscal policy between the federal and subnational levels? What are the links between federal and subnational debt, and how have subnational financing crises been handled, when they occurred? These policy questions are critical in many federations, and central to the current discussions about future paths for the European Union. This book brings to the table new, practical insights through a systematic and comprehensive comparison of the EU fiscal framework with that of federal states. It also departs from the decentralization perspective that has been prominent in the literature by focusing on the role of the centre (which responsibilities are centralized at the federal level and how they are handled, rather than which functions belong to the local level). Such an approach is particularly relevant for the European Union, where a fiscal union would imply granting new powers to the centre.
