Adjustment and Growth in the European Monetary Union

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Francisco Torres, Francesco Giavazzi
Cambridge University Press, Oct 21, 1993 - Business & Economics - 388 pages
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The Maastricht Treaty, signed in December 1991, set a timetable for the European Community's economic and monetary union (EMU) and clearly defined the institutional policy changes necessary for its achievement. Subsequent developments have demonstrated, however, the importance of many key issues in the transition to EMU that were largely neglected at the time. This volume reports the proceedings of a joint CEPR conference with the Banco de Portugal, held in January 1992. In these papers, leading international experts address the instability of the transition to EMU, the long-run implications of monetary union and the single market for growth and convergence in Europe. They also consider the prospects for inflation and fiscal convergence, regional policy and the integration of financial markets and fiscal systems. Attention focuses on adjustment mechanisms with differentiated shocks, region-specific business cycles and excessive industrial concentration and the cases for a two-speed EMU and fiscal federalism.
 

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Contents

1 Introduction
1
critical notes on the Maastricht Treaty revisions
9
5 Conclusions
25
3 The design of optimal fiscal rules for Europe after 1992
46
their influence on inflation convergence
93
the recent Portuguese experience
128
6 Models of economic integration and localized growth
159
7 Shocking aspects of European monetary integration
193
8 Lessons of Massachusetts for EMU
241
the statistical record
270
from the policy questions to the theory and back
318
what needs to be done?
340
Index
385
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