ISSN:0021-9886    

DOI:10.1111/j.1468-5965.1989.tb00339.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

ISSN:0021-9886    

DOI:10.1111/j.1468-5965.1989.tb00340.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

ABSTRACTThe notion of a European Monetary Union can be interpreted in different ways. To most non‐economists it probably implies a single European currency and a European central bank. To economists, however, a monetary union implies only (in the words of the 1970 Werner Plan): ‘the irrevocable fixing of parities and the total liberalization of capital movements’. To others still a monetary union might be reached if there is a widely used European parallel currency. This article argues that these paradigms imply different degrees of monetary integration, and that the benefits that can be expected from a monetary union for Europe depend on the degree of monetary integration. Which paradigm should be chosen, therefore, depends on the reasons for which a monetary union for Europe is deemed desi

ISSN:0021-9886    

DOI:10.1111/j.1468-5965.1989.tb00341.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

ABSTRACTThe article examines first the European Monetary System (EMS) experience and whether it can be applied to the International Monetary System (IMS). The EMS has particular features: it is not simply a regional Bretton Woods, and it also has a dimension going beyond the monetary field.Countries participating in the EMS exchange rate mechanism (ERM) have achieved a substantial reduction in exchange rate variability and a high degree of convergence toward cost and price stability. On a worldwide scale, things would be different: general political events have great influence on exchange rates, and large capital shifts are more likely. Whether the same degree of convergence of monetary policies can be achieved worldwide is doubtful. In the absence of a common political interest in integration, short‐term and domestic policy considerations will probably dominate policy decisions.In the second section the article addresses the relationship between the ERM currencies and the US dollar. There have been suggestions for a ‘common dollar policy’. However, advance agreement on a common policy is difficult to imagine, in view of the differing interests of individual ERM countries, as well as the United States. The main problem for the relationship between ERM currencies, the dollar, the yen, and pound sterling lies in the need for more convergence of developments and compatibility of policies.The achievements of the EMS do not lead to the conclusion that a system of stabilized exchange rates would work satisfactorily on a worldwide scale. A high degree of policy co‐ordination, not only of monetary policy, but also of other economic policies, would be

ISSN:0021-9886    

DOI:10.1111/j.1468-5965.1989.tb00342.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

Book reviewed in this article:Europäische Defizite, Europäische Perspektiven ‐ eine Bestandsaufnahme für Morgen: Strategien und Optionen für die Zukunft Europas, Grundlagen I, edited by Werner WeidenfeldThe European Community and the Management of International Co‐operation, by Leon HurwitzInterventions publiques et droit communautaire(sous la direction de Jacqueline Dutheil de la Rochere et Jacques Vandamme)A Widening Atlantic? Domestic Change and Foreign Policy, by Ralf Dahrendorf and Theodore C. SorensenThe United States and Germany: a Vital Partnership, by Arthur F. Burns (Foreword by Helmut Schmidt)L'Europe de la santé: hasard et/ou nécessité?Massart‐Pierard F, Academia, Louvain‐la‐NeuveThe European Armaments Market and Procurement Cooperation, edited by Pauline Creasey and Simon MayContemporary France: A Review of Interdisciplinary Studies, Volume Two, edited by Jolyon Howorth and George RossGrowth and Territorial Politics: The Italian Model of Social Capitalism, by R. Y. NanettiItalian Politics: A Review, Volume 2, Edited by Raffaella Nanetti, Robert Leonardi and Piergiorgio CorbettaThe Italian Multinationals, Edited by Fabrizio Onida and

ISSN:0021-9886    

DOI:10.1111/j.1468-5965.1989.tb00343.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

ISSN:0021-9886    

DOI:10.1111/j.1468-5965.1989.tb00344.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY