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Peter M Oppenheimer
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adjustment banks of issue budget budgetary Bundesbank capital cent Central Banking System common currency Community convergence cooperative coordinated costs countries current account deficit Delors Report demand Deutschmark discount domestic economic policy effects etary Eurofed Europe European central bank European currency European Monetary expenditure federal fiscal policy fixed exchange rates floating France French Franc function Germany gold standard hard EMU important income increase independence inﬂation inflation rate inflation shocks instability institutions instrument integration issuing banks Italy Kingdom of Sardinia labour mechanism ment mobility monetary authority monetary policy monetary union money supply Nash national currencies Nominal Exchange operations output paper parity changes political Pound Sterling problems rate of inflation Real Interest Rate reduce regime regions relative response result role sector seignorage single currency stability structure subsidiarity Table target tion trade unemployment unification wage wealth