The union countries may differ in money demand, consumption, imports, openness, or size. A striking feature is the numerical estimation of policy multipliers. A lot of diagrams serve to illustrate the subject in hand.
This book explores the new economics of monetary union. It carefully discusses the effects of shocks and policies on output and prices. Shocks and policies are country-specific or common. They occur on the demand or supply side. Countries can differ in behavioural functions. Wages can be fixed, flexible, or slow. In addition, fixed wages and flexible wages can coexist. Take for instance fixed wages in Germany and flexible wages in France. Or take fixed wages in Europe and flexible wages in America.
A special feature of this book is the numerical estimation of shock and policy multipliers. Further topics are inflation and disinflation. Take for instance inflation in Germany and price stability in France.
Then what policy is needed for disinflation in the union? And what will be the dynamic effects on Germany and France?
This accessible introductory text provides a comprehensive and accessible account of the evolution of the Eurozone, from its beginnings in fixed exchange rate systems through to the aftermath of the sovereign debt crisis.
It examines why the EMU was created, what went wrong to bring about the global financial crisis, and why countries were affected so differently. It assesses the impact of monetary union both in Europe and beyond and evaluates the prospects for the Euro as an international currency.
Recognising that political union has long been seen as part of monetary integration, and that Eurozone membership often impacts domestic policy, Chang widens the scope of her evaluation to include consider effects and developments that are not purely economic in scope.
Using theories drawn from economics and political science, this book provides students with an up-to-date analysis of the recent reforms undertaken, grounded in a long-term perspective of the trajectory of European integration. As well as suiting upper-level undergraduate and Master's courses on European Monetary Union, this text is beneficial for students of Politics, International Relations and European Studies on more general courses to foster an understanding of the impact of the EMU on the wider functioning of the EU.
The text is filled with figures, maps, timelines and other pedagogical features to ensure this topic accessible to students of all levels. Maastricht will induce changes to the EC budget the various dimensions of which are explored in this volume.
Based on the theory of fiscal federalism the author discusses important aspects of multilayer government finance for existing federations - Australia, Germany, Switzerland and the USA. He sketches the effects of an Economic and Monetary Union EMU onto the Community budget, and concludes with a systematic treatment of revenue instruments for its future financing. Core elements of the book are analyses of Europe's quest for exchange rate stability and of the debates on the nature of EMU and the path towards it.
With the aid of crucial case studies, the author goes on to chart the growing awareness among policymakers of the increasing interdependence between Europe's economies and the rise of a new medium-term, stability-oriented policy conception - both vital and necessary factors in the genesis of EMU.
If the plans concerning EMU will be realised, by national currencies will be replaced by the Euro and national central banks will be partially replaced by the European Central Bank. It develops this theme by addressing five different questions.
First, precisely what is the general role of EMU in the globalising political economy? Third, what effects will EMU have on generally accepted values - including for example efficiency, self-determination, and democracy? Fourth, how does the EMU-related politics of symbols - including money - take part in constructing political identities? And last, but certainly not least, what effects EMU will have on the social and political dimension of the Union and thus also on its legitimacy?
The politics of EMU includes many dimensions. The book tries to explain the hegemony of the neoliberal and German vision of Europe in the context of recent development in the global political economy. It assesses the consequences of this hegemony and the possibility for alternatives from a variety of perspectives. In many chapters, it is also argued that the legitimation problems of the Union may turn into an acute crisis also because of EMU.
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