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Palgrave Macmillan

One Money for Europe?

The Economics and Politics of EMU

  • Book
  • © 1996

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Authors:
  1. Malcolm Crawford
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Table of contents (20 chapters)

  1. Front Matter

    Pages i-xvi
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  2. Introduction

    1. Introduction

      • Malcolm Crawford
      Pages 1-9

  3. The Background: Historical, Theoretical and Practical

    1. Front Matter

      Pages 11-11
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    2. The Origins of Monetary Union

      • Malcolm Crawford
      Pages 13-23

    3. The Fundamental Economics

      • Malcolm Crawford
      Pages 24-27

    4. Exchange Rates: Fixed and Floating

      • Malcolm Crawford
      Pages 28-54

    5. The Exchange-Rate Mechanism: How it Operates

      • Malcolm Crawford
      Pages 55-78

    6. The Exchange-Rate Mechanism: Inflation and Growth

      • Malcolm Crawford
      Pages 79-96

    7. An Optimum Currency Area

      • Malcolm Crawford
      Pages 97-104

    8. Controlling Inflation

      • Malcolm Crawford
      Pages 105-122

    9. Volatility and the Problems of Companies

      • Malcolm Crawford
      Pages 123-134

  4. The Road to European Monetary Union

    1. Front Matter

      Pages 135-135
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    2. The Transition from the Exchange-Rate Mechanism to European Monetary Union

      • Malcolm Crawford
      Pages 137-148

    3. The Decisions at Maastricht

      • Malcolm Crawford
      Pages 149-165

    4. The Economic Consequences of European Monetary Union

      • Malcolm Crawford
      Pages 166-202

    5. The Need for Convergence

      • Malcolm Crawford
      Pages 203-223

    6. The European System of Central Banks

      • Malcolm Crawford
      Pages 224-254

    7. The European Currency Unit

      • Malcolm Crawford
      Pages 255-269

    8. The Euro

      • Malcolm Crawford
      Pages 270-286

    9. Implications for Fiscal and Regional Policies

      • Malcolm Crawford
      Pages 287-318
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Keywords

About this book

Europe is on the road to monetary union (EMU) even if there may be delays and diversions on the way. The focal point of EMU will be its single currency, valid throughout all participating countries, and replacing the national currencies. There will be considerable transitional pain and stress, most of all for member states with very high public debts. For the rest, the road ahead will not be smooth, but should be assisted by easier monetary policy in Germany since 1993. For some countries at least, the pain will be aggravated unnecessarily by design defects in the transitional rules for entry - which there is still time to remedy. The author - no admirer of a federal Europe - describes how EMU could actually work better in a confederal Europe with no federal chief executive and with a relatively weak Parliament. The independent Eurofed would be responsible for managing economic policy on an EC-wide basis, while national governments could use fiscal policies to mitigate local deviations. Weak regions and poor peripheral countries would require more flexible assistance from EC resources, however.

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