The Euro

European Integration Theory and Economic and Monetary Union

The Euro

With euro banknotes and coins starting to circulate as of January 2002, this timely book comes at a crucial juncture for the European Union. Exploring the origins of and progress toward the introduction of the euro, the contributors focus on the importance of economic and monetary union (EMU) as part of the larger process of European integration. Thus, chapters consider the value and limits of a range of theoretical approaches for understanding economic and monetary integration, the pros and cons of EMU's institutional design, and country-specific experiences. With an international group of leading scholars representing a range of disciplines, this book offers a broad perspective on the dynamics of EMU.

The Euro

Its Origins, Development and Prospects

The Euro

This title provides a comprehensive overview of the development and design of the European Monetary Union, as well as an intriguing discussion of its prospects for future enlargement.

The Euro-Mediterranean Partnership

Political and Economic Perspectives

The Euro-Mediterranean Partnership

Established in 1995, the Euro-Mediterranean Partnership aims to create a free trade area including 30 countries and 800 million people by early in the 21st century. This book offers an assessment of the Partnership and its aims.

The Euro

Evolution and Prospects

The Euro

The authors offer a sustained argument that the single currency as currently implemented does not promise to deliver prolonged growth. They contend that the economic impact of the euro, and its accompanying institutions, is likely to be destabilising and deflationary; that the political impact is profoundly undemocratic and that the social consequences are likely to be deleterious. They do not reject the concept of a single currency but are highly critical of policy arrangements such as the Stability and Growth Pact which govern the euro. The authors propose alternative policy and institutional arrangements within which the euro should be embedded. They demonstrate that these would have the benefits of a single currency whilst avoiding many of the potential costs identified by detractors.

Wages and the Euro

Wages and the Euro

With the abolition of exchange rates the role of wage formation in the European Monetary Union changes fundamentally and national economic policy in particular fiscal policy faces new restrictions. These are analysed in the first two chapters. A major impact is expected for wage formation. To achieve a convergence of economic developments wage finding has to follow in all EMU member countries basically the same rules. An empirical investigation using econometric methods show that this is presently not yet the case. In particular in the southern European countries wage finding is different from that in the rest of the EMU. Frequently the introduction of Euro is perceived as a signal to lower wages all over Europe to overcome the dismal employment situation. The book addresses the question whether such a race for lower wages is appropriate in terms of employment creation.

The Euro-Mediterranean Migration System

And the Effects in Countries of Origin of Transfers of Funds

The Euro-Mediterranean Migration System

The Euro-Mediterranean region can be seen as the focal point for movements between south and north. Starting with this observation, the author addresses the migration problems of the countries on the northern shore of the Mediterranean and the immigration countries of the European Union, which recruit labour from the southern shore (for example, Moroccans working in France, Belgium and Great Britain, Turks in Germany, France, Benelux and Scandinavia, Algerians in France and Tunisians in France and Italy). He also deals with the new immigration countries on the northern shore (Spain, Italy and Greece), as well as the emigration and transit countries of the southern and eastern shores. This work is intended to provide the reader with a critical overview of the existing literature on the theme of "co-development" based on sources in various languages, highlighting matters likely to form part of needs of both immigration countries and countries of origin, and taking account of the questions raised by the experts.

The Politics of the Euro-Zone

Stability or Breakdown?

The Politics of the Euro-Zone

The Euro-Zone represents the single most important step in European Integration since 1957 and one of the boldest economic, monetary, and political projects in modern history. In this first major study, the author examines the major political questions raised by the birth of the Euro-Zone on January 1 1999 and argues for a more politically informed analysis and assessment of its nature, operation, and prospects. How does the Euro-Zone operate? What does it mean for European States and for the political strategies of governments? How is its operation to be explained? What are its prospects for stability? What kinds of policies are needed to strengthen its capacity to withstand crisis? The book stresses the ECB-centric nature of the Euro-Zone and its implications both for policy and polices in Europe and for theories of integration. The ECB emerges as a powerful 'policy pusher' and 'ideational leader', with an authority and power exceeding that of the European Commission in the integration process. Dyson examines the elated problems of social justice, democratic consent, and identity. He also argues that the Euro-Zone represents a process of transition to the EU as a 'stabilization Staten An innovative aspect of the book is its application of a strength-strain model for the purpose of analyzing and assessing the stability of the Euro-Zone. It concludes that the stability of the Euro-Zone will be strongly conditioned by three factors: how Kantian rather than Hobbesian or Lockeian its political culture proves to be, with a key reproducibility failing here on the quality of political leadership; its possession of policy interments to tackle liquidity as well as debt traps; and the speed and efficiency of mechanisms of 'bench marking, policy transfer, and 'lesson-drawing'.

The Euro, Inflation and Consumers' Perceptions

Lessons from Italy

The Euro, Inflation and Consumers' Perceptions

On 1 January 2002, euro banknotes and coins were introduced in twelve EU Member States. Three more countries joined in the following years, and over 300 million people now use the euro in their daily transactions. The currency changeover was a technical success. From the very start, however, the vast majority of euro area citizens held the single currency responsible for a sharp rise in prices and a subsequent decline in their personal economic fortunes. This book puts forward convincing empirical evidence, primarily drawn from Italy’s experience, to establish whether the introduction of the euro has had a major impact on prices, and if not, why so many people believe it has. Its significance lies not only in the documentation of a historic event, but also and more importantly, in the lessons it provides, which concern the public’s understanding of inflation, the correct assessment of the effects of the single currency, and the need for appropriate measures when other countries adopt the euro.

The Euro, Capital Markets, and Dollarization

The Euro, Capital Markets, and Dollarization

Merrick's season of outrageous scandal has taken a challenging turn. Caught in a--far less than usually--compromising situation with Lady Alixe Burke, this so-called gentleman is tasked by her father with making his daughter marriageable! Lady Alixe, more happy in the library than the ballroom, is most definitelyleft-on-the-shelfmaterial. He'll never walk away from a wager, but Merrick's expertise extends way beyond society etiquette. Never before entrusted with a woman's modesty, Merrick sets about teaching hereverythinghe knows...