..., and the likely need for a sovereign debt reconstruction mechanism. We then go on to consider two significant structural changes to the world—the emergence of the European Monetary Union and the rise of China. A final section of the paper considers the importance of leadership in this global non-system. Our...

... policy were much better than in earlier periods. But there is room for significant further evolution. monetary policy central bank independence European Monetary Union house prices financial crisis Table 1 provides some international comparisons, for the euro area and the US and their central banks...

... actors of the process into a positive search for the most effective policy for the whole area Debt crisis European Monetary Union E5 E6 H5 H6 This paper is concerned with the current European crisis, as characterised by ongoing sharp increases in the interest rates of the sovereign securities...

... of non-standard measures across different sectors and markets. monetary policy asset purchases financial structure European monetary union sovereign debt crisis flow of funds E02 E40 E50 E58 The financial crisis erupted 5 years ago, when the leverage cycle that had accompanied the ‘great...

.... This proposal is supported by analysis of fiscal arrangements within single currency areas and of emerging market sovereign debt restructuring. (JEL codes: E42, E62, H6 and H87) Optimal currency areas fiscal policy sovereign debt European monetary union Maastricht treaty fiscal crises subsidiarity market...

... 3315—8065, E-mail: jesper.lund@enskilda.se © Kluwer Academic Publishers 1999 Abstract In January 1999, the European monetary union (EMU) was formally launched with 11 member countries. However, before May 1998 there was considerable uncertainty about who would join EMU, and whether the project would...

... Moderation Group of 20 G20 monetary policy Brexit cooperation euro European Monetary Union EMU European Union EU Eurozone treaty business cycles Olson M Sinn H Draghi M European Central Bank ECB Globalization imbalances Outright Monetary Transactions OMT price s sovereignty Bretton Woods...

... consolidation. The impetus for reform was a serious political commitment to meet the stringent Maastricht criteria in order to ensure Italy's membership in the European Monetary Union. Italy unemployment rates family benefits inflation foreign direct investment FDI privatization part‐time employment...

... role. In the market component, private action is fundamental, and there are individual decisions and competition; the customs and habits of individuals are key factors. In this chapter on monetary competition in the process leading to European Monetary Union, the discussion focuses on the discrete...

... Monetary Union opting‐out Treaty of Maastricht October–November 1991, Vienna. Forum of Creditanstalt‐Bankverein on 11 October. The text illustrates the terms of the debate in the weeks preceding the European Council meeting at Maastricht. It is followed by an unpublished note of 8 November to Jacques...

... benefits as well as challenges, given the experience in European Monetary Union. The chapter highlights four main important issues: the imperative of extensive economic integration in order to reap benefits from EAMU; the need for strong, enforceable, but feasible rules to ensure the fiscal sustainability...

...This chapter uses three alternative, simple equilibrium concepts of the real exchange rate to determine for each of the European Monetary Union (EMU) economies whether international price competitiveness has improved or deteriorated since the monetary union was created in 1999. It focuses...

...This chapter looks at Estonia’s adoption of a currency board arrangement in 1992. The discussions cover the board’s structure, monetary and banking policies, adjustments to the way of the European Monetary Union (EMU), and the board’s impact on macroeconomic performance. Berger H Credibility De...

...This chapter evaluates Bulgaria’s use of a currency board arrangement in 1997. The chapter covers the board’s structure and operation environment, monetary and banking policies, the board’s impact on macroeconomic performance, and outlook and adjustment on the way to the European Monetary Union...

... and Politics of the Euro Crisis ’, German Politics , 21(4): 355–71. Hall, P. A. and Franzese Jr., R. J. ( 1998 ). ‘ Mixed Signals: Central Bank Independence, Coordinated Wage Bargaining, and European Monetary Union ’, International Organization , 52(3): 505–35...

...The European Union (EU) has been structured around interstate and inter-institutional compromises, as the compromise between a supranational and an intergovernmental view of the EU, the compromise between the member states engaged in building a European Monetary Union (EMU), and those allowed...

... an agenda for future research. Puzzle Research Questions Crisis Eurozone crisis Policy Options Trade offs Deficit country Ideas Surplus country Argument Choice set Distributive conflicts EU Council negotiations European politics European Monetary Union EMU Negotiations Adjustment Financing...

... Mitterrand government Switzerland Schettkat R Sun R Walter S Armingeon K Elsässer L Sinn G Sinn H W Streeck W Kreuder Sonnen C Menéndez A Tsebelis G White J Hennette S et al Warren T European Monetary Union structural convergence legitimacy Eurozone euro crisis growth models The present...

... experiment for dollarization in Latin America. The remainder of the article is divided into four sections. The second section draws out the implications of the OCA criteria for European monetary union. As discussed, one implication of the “new” theory of OCAs is that high‐inflation countries can enhance...