By Francisco Torres, Francesco Giavazzi

ISBN-10: 052144019X

ISBN-13: 9780521440196

This quantity analyzes the ecu Community's transition to monetary and fiscal union (EMU) within the gentle of the agreements reached at Maastricht final yr. It derives from a convention held through the CEPR and the financial institution of Portugal, and comprises between its participants a few famous educational commentators on ecu integration. the problems addressed within the quantity contain: the connection among a standard foreign money and inflation convergence; the results of financial unification on Europe's more and more built-in monetary markets and financial structures; and EMU's implications for the EC's long term development.

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For example, the Council has not been given any additional authority to Coordinate monetary policy, and in preparing for the final stage its role will be advisory. 1 It must be noted, however, that whether the individual national central banks have become independent or not, members of the EMI councils may not, in that capacity, 'seek or take any instructions from Community institutions or bodies or governments of member states' (EMI Statute, Article 8). This is a formulation similar to that in Article 107 or in the ESCB Statute dealing with the final stage.

Rebelo focuses on a different explanation: he suggests that the process of transition toward the steady state of an economy with low capital stock can also be responsible for an appreciation of the relative price of non-tradables. It was pointed out during the conference that Japan's inflation rate had persistently remained five or more percentage points above that of the USA throughout the 1950-70 period, without any loss of competitiveness. In fact, consumer prices may not be a very good indicator of competitiveness; the prices of traded goods - or unit factor costs - may give a more accurate picture.

Source: Commission of the European Communities Annual Report, Special Edition 1991. 20 Niels Thygesen then be liquidated from the first day of the final stage (Article 109 k). Countries that have still not met the necessary conditions for participation by mid-1998 will be given a derogation, to be reviewed subsequently at least every two years. This modified procedure will ensure that full EMU starts, even if only a minority of member states are ready for it. That will provide an additional incentive for countries on the borderline for the 1996 (or 1998) decision to bring their credentials beyond argument.

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Adjustment and Growth in the European Monetary Union by Francisco Torres, Francesco Giavazzi

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