The EMS crisis and the prospects for European Monetary Union

Interpretations of the causes and implications of the EMS crisis of mid-1993 vary considerably. The following article offers a critical analysis of the most common arguments and draws conclusions for future policy.     

The European Monetary System and international currency questions

As the recent struggles connected with the readjustment of exchange rates within the European Monetary System have shown, the relatively unproblematic “running in” period of the EMS, which was supposed to be a constructive contribution to the creation of a more viable international monetary system, is over. Dr. Matthes doubts that the EMS can live up to the original expectations and argues in favour of a restoration of the US dollar to its function as the key currency of the Western monetary system.     

Reforming the European Monetary System

The extreme widening of the exchange rate margins last summer has transformed the EMS from a multilateral fixed rate system into a system of unilateral exchange rate pegging. Professor Neumann characterises the current state of the EMS, outlines the major defects of the system and makes some proposals for reform.     

The European Monetary Union

The final stage of the European Monetary Union (EMU) is approaching; the single currency goes into effect on January 1, 1999. The article discusses the far-reaching ramifications of the euro in the context of the international monetary system. Current challenges facing the implementation of the new currency are addressed such as unemployment, high budget deficits, and general skepticism both EU members and non-members have expressed. The argument is made that acceptance and widespread use of the single currency will provide a framework for a deeper economic and political integration across Europe. © 1998 John Wiley & Sons, Inc.     

The European Monetary System as a factor of integration

Critics of the EMS claim that it has failed to realise the hopes aroused at the time of its inception; a convergence of economic policies, they maintain, has not been induced by fixed exchange rates. What is the true position with regard to the convergence of economic policies?     

International perspectives of the European Monetary System

The none too firmly established position of the IMF with regard to the realization of the objectives of its Articles of Agreement has been additionally impaired by the establishment of the European Monetary System. From an international point of view a revision of the present EMS concept would seem to be called for in order to prevent the credibility of the IMF and the objectives of its Agreement being called in question.     

The path to European Monetary Union

The planned broadening of the common internal market into an economic and monetary union as proposed in the Delors Plan means a significant qualitative leap in the process of European integration, which should ultimately lead to political union in Europe. Is this objective realistic? In what ways could it be achieved?     

The road to European Economic and Monetary Union

The debate on the concrete shape of the second stage of European economic and monetary union ist in full swing. What are the benefits that may be expected from EMU? What risks have to be avoided?     

The first stage of European Economic and Monetary Union

After two false starts, the first stage of European Economic and Monetary Union began on 1st July 1990. The following two articles discuss the consequences that the inauguration of EMU will have for economic policy co-ordination in the European Community. The views stated here are only those of the author and can on no account be attributed to the Commission of the European Communities.     

The advantages of a small European Monetary Union

The question whether European Monetary Union should include all the EC countries from the start or should initially be limited to a few core countries is again being discussed more intensely. What advantages would a small EMU have from an economic point of view? Which countries should be its founder members?     

The present state and prospects of the European Communities

The image of the European Communities has lost some of its glamour as should be stated bluntly in any attempt to present a fair view of the state and prospects of the European Economic Community, the European Coal and Steel Community and the European Atomic Energy Community—the three communities which have sprung from the Treaties of Rome and Paris. As their organs have since been merged, they will here be designated “The Community”. Walter Kittel, the Deputy Permanent Representative of the Federal Republic of Germany with the Community, states in the following a personal view.     

European Monetary Union: No field for political compromise

European Economic and Monetary Union is currently in the course of preparation by an inter-governmental conference. What are the benefits and risks associated with European monetary union? What essential requirements need to be fulfilled when the agreements are concluded?     

Effects of the European Monetary Union on High-Technology Exports

Journal of Industry, Competition and Trade - Our study estimates the effects of the European Monetary Union (EMU) on high-technology (HT) export and assesses the potential knowledge spillovers of...     

Economic and political risks of European Monetary Union

As demonstrated by the last European Union summit meetings, the heads of government and of state of the EU's member states appear firmly intent on starting the planned monetary union on schedule on 1st January 1999. The statements they make, and also any pamphlets and advertisements published by their governments and the European Commission, tend to concentrate one-sidedly on the purported advantages of monetary union. Nevertheless, in most EU countries plans for monetary union are greeted with scepticism or disapproval by a large section of the general public. There are good reasons for this reaction because, as will be explained below, European Monetary Union is in fact associated with serious economic and political risks.     

银行体系和股票市场对货币政策的影响

尽管1998年以来为配合积极的财政政策,我国实行了稳健的货币政策,但从1999年下半年开始,货币政策实施却存在着实际上的机制紧缩,突出地表现为货币供应量增幅持续下降,贷款增幅趋缓,中央银行资产增加不多.这种货币政策的机制紧缩效应既与银行体系关系重大,与股票市场的关联也在增强.中央银行要进一步提高稳健货币政策的有效性,必须调整改革思路,加快商业银行改革,关注股票市场发展,扩大货币政策操作的覆盖面,提高金融宏观调控水平.     

变革中的国际货币体系及中国的策略分析

布雷顿森林体系瓦解以来,国际货币体系进入了浮动汇率制时代。浮动汇率被认为可以自发调节国际收支,然而浮动汇率制本身难以解决双边汇率易变性和偏离性的难题。目前,如何改变全球性的国际收支失衡状况已经成为国际货币体系亟待解决的主要问题。以国际货币基金组织为代表的国际机构正在进行积极的改革,以应对这一挑战。