Abstract
Current discussions about the amendments and additions to the EMU part of the Maastricht Treaty focus on the institutional framework. The necessity and timeliness of this focus is suggested by the comparative ease with which agreement on some important issues was reached in late 1995 and early 1996. The large degree of approval won by Finance Minister Theo Waigel for his proposal of a stability pact is one case in point. Another is the swift adoption of the Verona agreement on the relation between the “ins” and the “outs”. A third, and perhaps the most important, is the apparent consensus in the currency and bond markets on the scenario of a flexible interpretation of the debt criteria of the Maastricht Treaty in early 1998 combined with a continued firm commitment of EMU members to these criteria after 1999.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Bhagwati, J.; Deheija, V. (1994), Trade and Wages, Washington: American Enterprise Institute.
Fisher, I. (1933), The Debt Deflation Theory of Great Depressions, in: Econometrics, Vol. 1, No. 4, (October 1933).
Hayek, F. v. (1964), Monetary Nationalism and International Stability, New York:Kelley, 51ff.
Kindleberger, C. (1995), Dollar Darkness, in: The International Economy, May/June 1995, 6–9.
Mundell, R. (1962), The Appropriate Use of Monetary and Fiscal Policy for Internal and External Stability, IMF Staff Papars IX (March 1962), 70–76.
Schmiegelow, H. (1986), Japan’s Exchange Rate Policy: Policy Targets, Non-Policy Variables, and Discretionary Adjustment, in: Schmiegelow, M. (ed.) Japan’s Response to Crisis and Change in the World Economy, Armonk: Sharpe, 1986, 29–31.
Schmiegelow, M. (1995), Shiba Shinwa o Kutsugaeshita Nichibeidoku no Kawase Seisaku Kyocho (The shattering of market myth: recent coordination of exchange rate policy between Japan, the US and Germany), Toyo Keizai Shukan (Tokyo), September 9, 1995, 22–25.
Schmiegelow, M.; Schmiegelow, H. (1989), Strategic Pragmatism: Japanese Lessons in the Use of Economic Theory, New York: Praeger.
Tinbergen, J. (1956), Economic Policy, Principles and Design, Amsterdam: North Holland, 1956, 196–209.
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 1997 Springer-Verlag Berlin Heidelberg
About this paper
Cite this paper
Schmiegelow, M. (1997). Doctrinal Amendments for a Functional EMU ? A Few Reminiscences of Economic History. In: Welfens, P.J.J. (eds) European Monetary Union. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-59039-9_12
Download citation
DOI: https://doi.org/10.1007/978-3-642-59039-9_12
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-63827-5
Online ISBN: 978-3-642-59039-9
eBook Packages: Springer Book Archive