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Lessons for Monetary Policy
This paper outlines important lessons for monetary policy. In particular, the role of inflation targeting, which was much acclaimed prior to the financial crisis and since then has not lost much of its endorsement, is critically reviewed. Ignoring the relation between monetary policy and asset prices, as is the case in this monetary policy approach, can lead to financial instability. In contrast, giving, inter alia, monetary factors a role in central banks’ policy decisions, as is done in the ECB’s encompassing approach, helps prevent these potentially harmful side effects and thus allows for fostering financial stability. Finally, this paper makes a case against increasing the central banks’ inflation target.
The Euro
On 1 January 2001, the Euro became the official, circulating currency of twelve of the fifteen nations of the European Union, replacing such national currencies as the franc, the mark, and the lira. It becomes the currency of just over 300 million people encompassing an economic area with a GDP of USD5.2 trillion. The common currency is a pivotal step in the economic integration of participating European Union member states. A successful European common currency may also provide a challenge to the dollar as the world's reserve currency. The book presents issues and analyses related to this new and powerful currency. Contents: Preface; The Euro; The Euro Currency: How Much Could It Cost the United States?; The Euro: Implications for the United States -- Answers to Key Questions; Tracking of Business Attitudes to the Euro: The First Year After its Launch; The Impact of the Changeover to the Euro on Community Policies, Institutions and Legislation; Index.
The Global Economy in Turbulent Times
A leading authority's answer to today's global economic challenges In Global Economy in Turbulent Times, Harvard economist Dr. See-Yan Lin offers his timely and incisive views on today's key economic issues. Adapted from his hugely popular column in the Malaysia Star newspaper, these articles offer fresh and entertaining perspectives on perennial economic problems. The discussion covers the world economy, with particular attention to the US, EU, Japan, and the international monetary system, as Dr. Lin explains how the economy is broken and offers multiple paths to repair. Coverage includes emerging East Asia, ASEAN (especially Malaysia), and BRICS nations, plus the author's own views on glob...
Euro, Das Eurosystem und Die Europäische Wirtschafts- und Währungsunion
About one decade has elapsed since the introduction of the Euro: Has the Euro proved to be a stable currency? Doubts might be left. Large segments of the financial system seem to be coming apart at the seams, bailout plans have been approved. Is even a withdrawal from the European Unification going to be likely? This sounds popular, but this may be an undertaking with an uncertain ending. The contributions do not intend to give rash answers. A strengthening of the Euro is necessary, and should be preferred to its abolition. To make the Euro fit for the future is the order of the day.
Europe and the Euro
It is rare for countries to give up their currencies and thus their ability to influence such critical aspects of their economies as interest and exchange rates. Yet ten years ago a number of European countries did exactly that when they adopted the euro. Despite some dissent, there were a number of arguments in favor of this policy change: it would facilitate exchange of goods, money, and people by decreasing costs; it would increase trade; and it would enhance efficiency and competitiveness at the international level. A decade is an ideal time frame over which to evaluate the success of the euro and whether it has lived up to expectations. To that aim, Europe and the Euro looks at a number...
The Birth of the Euro
Today, 318 million people in 15 countries use the Euro, which now rivals the importance of the US Dollar in the world economy. This is an outcome that few would have predicted with confidence when the Euro was launched. How can we explain this success and what are the prospects for the future? There is nobody better placed to answer these questions than Otmar Issing, who as a founding member of the Executive Board of the European Central Bank (1998–2006), was one of the Euro's principal architects. His story is a unique insider account, combining personal memoir with reference to the academic and policy literature. Free of jargon, this is a very human reflection on a unique historical experiment and a key reference for all academics, policy makers, and 'Eurowatchers' seeking to understand how the Euro has got to where it is today and what challenges lie ahead.
Polity and Crisis
European integration is an open-ended, ongoing process which has been deeply challenged by integral world capitalism. This study explores the present EU foundational dilemma, looking at the problematic relationship between the ideal model of integration and the reality of the 21st century. Including contributions from leading theorists, this volume explores the ways and extent to which the present European crisis could create a politico-legal space for new possibilities and opportunities for action. The authors discuss the current role of the EU, and whether it aspires to be a democratic polity or a functional organization based on inter-governmental bargaining. The chapters question whether...
Greece's 'odious' Debt
"Critically examines the economic, historical and psychological dynamics that have combined to create an existential crisis for the European Union."--Publisher description.
The Politics and Economics of a Single Currency
The likely establishment of economic and monetary union in 1999 represents one of the most important political and economic developments in the history of the EU. With only some of the member states likely to join at the start, the single currency remains the focus of intense debate. In this paper, three authors set out their views on the political and economic implications of the single currency for the EU as a whole, and analyze the different scenarios that may arise depending on which countries join and when.
