Title: One market, one money : an evaluation of the potential benefits and costs of forming an economic and monetary union /
Authors: Emerson, Michael.; Emerson, Michael, 1940-
Publisher: Oxford University Press,
Year: 1992
Subjects: Economic and Monetary Union; Monetary policy European Economic Community countries; Monetary unions European Economic Community countries.
Abstract: "The European Community is negotiating a new Treaty to establish the constitutional foundations of an economic and monetary union in the course of the 1990s." "Coming hard on the heels of the completion of the single market by 1992, economic and monetary union, including a new European Central Bank and the ecu as the single currency, will be the most important milestone in the construction of the new Europe since the Treaty of Rome of 1957." "This study provides the only comprehensive guide to the economic implications of economic and monetary union. Being the work of economists inside the EC Commission, it also reflects the considerations influencing the design of the union. The study provides a unique bridge between the insights of modern economic analysis and the work of the policy-makers preparing for economic and monetary union."--BOOK JACKET.
Contents: Pt. A. Synthesis and economic principles -- Ch. l. Synthesis -- Ch. 2. The economics of EMU -- Pt. B. The main benefits and costs -- Ch. 3. Efficiency gains -- Ch. 4. Benefits of stable prices -- Ch. 5. Implications for public finance -- Ch. 6. Adjusting without the nominal exchange rate -- Ch. 7. External dimensions -- Pt. C. The impact through time and space -- Ch. 8. Transitional issues -- Ch. 9. Spatial aspects -- Ch. 10. National perspectives on the costs and benefits of EMU -- Annexes -- Annex A. Exchange transaction costs -- Annex B. Germany and the Netherlands: the case of a de facto monetary union -- Annex C. European and German economic and monetary union: a comparison -- Annex D. Shocks and adjustment in EMU: simulations with the Quest model -- Annex E. Exchange rate regimes in the EC: simulations with the Multimod model.