Download Before and Beyond EMU: Historical Lessons and Future by Patrick M. Crowley PDF

By Patrick M. Crowley

The release of the Euro has already had profound results on either eu economies and societies - however it can also be of big value for the overseas group as an entire. This well timed publication, from a set of key names in eu Integration stories, is an authoritative piece of labor that's actually multi-disciplinary via nature.

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Extra resources for Before and Beyond EMU: Historical Lessons and Future Prospects

Sample text

As noted by Allen (1976), a monetary union has three minimum requirements. 28 Xavier de Vanssay First, in any monetary union either there must be a single currency or, if there are several currencies, these currencies must be fully convertible, one into the other, at immutably fixed exchange rates, effectively creating a single currency. Second, as the immutability of fixed exchange rates depends upon mutually consistent monetary policies within the union, there must be an arrangement whereby monetary policy for the union, including control of high-powered money and regulations affecting the commercial banks’ ability to create money, is determined at the union level, leaving no national autonomy in monetary policy.

There were no limits placed on minting of subsidiary coins, which were legal tender in all three countries (Article 9). Subsidiary coins had a metal value lower than the nominal value. According to the Convention, each country was obliged, upon request of another country, to exchange its subsidiary coins for gold, thereby eliminating the temptation to over-issue subsidiary coins. Paper money represented an important share of the money supply (52 per cent in Denmark, 70 per cent in Sweden and 74 per cent in Norway in 1885)33 and was convertible.

148–50. Camps, M. (1956) The European Common Market and American Policy, Memorandum No. 11, Princeton, New Jersey: Center for International Studies, Princeton University, 28 November 1956. ——(1960) ’The European Common Market and American policy’, Foreign Affairs, vol. 39 (October), no. 1, pp. 112–22. ——(1964) Britain and the European Community, 1955–1963, Princeton, New Jersey: Princeton University Press. Cleveland, H. and Cleveland, J. (1966) The Atlantic Alliance: Problems and Prospects, Headline Series No.

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