One Market, One Money: An Evaluation of the Potential Benefits and Costs of Forming an Economic and Monetary Union

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Oxford University Press, 1992 - Business & Economics - 354 pages
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.
 

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Contents

Synthesis
17
The economics of EMU
31
Benefits of stahle prices
87
lmplications for puhlic finance
100
Appendices
131
Adjustmg without the nommal eschange rate
136
Appendices
169
Esternal dimensions
178
the case of a de facto monet
269
Comparison of economic performance
270
The asymmetric effects of shocks
277
Transition
283
simulations with the Quest
284
Detailed simulation results
299
simulations with
303
Methodology of stochastic simulations
317

Appendis
196
Transitional issues
203
National perspectives on the costs and henefits of EMU
235
Annes A Eschange transaction costs
251
lnhouse costs
264
Results from stochastic simulations
324
Detailed contents
335
10
343
203
349
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About the author (1992)

Michael Emerson is at the Commission of the European Communities to the Soviet Union.

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