Emu. Prospects and Challenges for the Euro. Economic Policy

  • ID: 2542519
  • Book
  • 360 Pages
  • John Wiley and Sons Ltd
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Written prior to adoption of the Euro, this volume explores the likely impact of monetary union. Some of the best European and American economists use available theories and data, including historical evidence, to look at the operation of monetary and fiscal policy, at the effects of shocks and at the international role of the euro. This book serves as the reference for understanding the early challenges of EMU.

- Includes the views of top economists from Europe and around the world.

- Presents vital information in a non-technical language.

- Contains penetrating discussions by a distinguished panel of experts.
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Editors' Introduction.

Part I: Immediate challenges for the European Central Bank: Rudi Dornbusch, Carlo Favero and Francesco Giavazzi:.

Discussants: Hans Genberg and Andrew K. Rose.

Panel Discussion.

Part II: The Stability Pact: More than a Minor Nuisance?: Barry Eichengreen and Charles Wyplosz:.

Discussants: Charles Bean and Stefan Gerlach.

Panel Discussion.

Part III: Stability without a Pact? Lessons from the European Gold standard, 1880-1914: Marc Flandreau, Jacques Le Cacheux and Frédéric Zumer:.

Discussants: Rudi Dornbusch and Patrick Honohan.

Panel Discussion and Appendices.

Part IV: Does EMU Need a Fiscal Federation?: Antonio Fatés:.

Discussants: Torben M. Andersen and Phillipe Martin.

Panel Discussion and Appendix:.

Part V: Regional Non-adjustment and Fiscal Policy: Maurice Obstfeld and Giovanni Peri.

Discussants: Olivier Jean Blanchard and Antonio Fat&acutes.

Panel Discussion and Appendix.

Part VI: Blessing or curse? Foreign and underground demand for euro notes: Kenneth Rogoff:.

Discussants: Francesco Giavazzi and Freidrich Schneider.

Panel Discussion and Appendix.

Part VII: The Emergence of the Euro as an International Currency: Richard Portes and Hélène Rey:.

Discussants: Paul De Grauwe and Seppo Honkapohja.

Panel Discussion and appendix.
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"This major work ... brings together seven very high level contributions, considering different aspects of the situation which could prevail after the advent of the single European currency, and provided a basis for the work of the famous economists who took part last October in the 26th Economic Policy Panel in Bonn. A remarkable work from start to finish." Michel Theys, Bulletin Quotidien Europe
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