With the advent of the third and final phase of European and Monetary Union (EMU), the debate over European monetary unification is at the top of the political and economic agenda. Much has been written over the past five years about whether EMU is justified given the various expected benefits and prospective costs, but there has been little detailed material on how EMU will work and what the practical implications of it will be for Europe as a whole. Economic Policy in EMU is a comprehensive look at the mechanisms involved, likely effects on monetary and budgetary policy, and the ways in which monetary union will deal with and affect business cycles and regional differences. It combines rigorous analysis of how the European economy works with an insider view of how this will change after 1999: as such, it is vital reading for all involved in the most important topic facing Europe today.
With the advent of the third and final phase of European and Monetary Union (EMU), the debate over European monetary unification is at the top of the political and economic agenda. This volume reviews and assesses the recent economic and policy debate, focusing specifically on the functioning of monetary union. Edited by two members of the Economic and Financial Affairs executive of the European Commission, it provides vital detailed analysis of how EMU will affect monetary and budgetary policy, warns of the likely short-term difficulties, and puts forward crucial advice for how EU countries will have to adjust to deal with the economic and political fact of EMU.
With the advent of the third and final phase of European and Monetary Union (EMU), the debate over European monetary unification is at the top of the political and economic agenda. This volume reviews and assesses the recent economic and policy debate, focusing specifically on the functioning of monetary union. Edited by two members of the Economic and Financial Affairs executive of the European Commission, it provides vital detailed analysis of how EMU will affect monetary and budgetary policy, warns of the likely short-term difficulties, and puts forward crucial advice for how EU countries will have to adjust to deal with the economic and political fact of EMU.