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EMU - A Swedish Perspective

Author: Lars CalmforsHarry FlamNils GottfriesJanne Haaland MatlaryMagnus JerneckAll authors
Publisher: Boston, MA : Springer US, 1997.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
EMU - A Swedish Perspective provides a comprehensive and up-to-date survey of the EMU project. The main advantages and disadvantages of a single currency are evaluated. A key feature of the analysis is the attempt to integrate economic and political aspects. The book is a revised version of the report by the Swedish Government Commission on the EMU. Although the analysis focuses on the consequences for Sweden of  Read more...
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Genre/Form: Electronic books
Additional Physical Format: Print version:
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Lars Calmfors; Harry Flam; Nils Gottfries; Janne Haaland Matlary; Magnus Jerneck; Rutger Lindahl; Christina Nordh Berntsson; Ewa Rabinowicz; Anders Vredin
ISBN: 9781461561835 1461561833
OCLC Number: 851820786
Description: 1 online resource (xiv, 365 pages)
Contents: 1 Introduction --
1.1 The aim of the book --
1.2 The structure of the book --
2 The Emu Project --
2.1 Economic and monetary co-operation in Europe in a historical perspective --
2.2 The Maastricht Treaty: objectives, timetable, and convergence criteria --
2.3 The role and organisation of the European Central Bank --
2.4 Other central EU institutions and bodies --
2.5 The reference scenario --
a detailed plan for the transition to the monetary union --
3 Currencies and Exchange-Rate Systems --
A Background --
3.1 The role of a national currency --
3.2 Exchange-rate systems --
3.3 Experiences of different exchange-rate systems --
3.4 Conclusions --
4 The Emu and Social Efficiency --
4.1 Reduced transaction costs --
4.2 Exchange-rate fluctuations and effects on foreign trade, foreign direct investment, and interest rates --
4.3 Effects on competition --
4.4 Effects of lower inflation --
4.5 Effects on seigniorage --
4.6 Conclusions --
5 Macroeconomic Disturbances and Monetary Policy --
5.1 Monetary policy in an open economy --
5.2 Exchange-rate policy and the effects of macroeconomic disturbances --
5.3 What constitutes a suitable currency area? --
5.4 Do floating exchange rates have destabilising effects? --
5.5 Conclusions --
6 Inflation and the Credibility of Monetary Policy --
6.1 The basic inflation and credibility problem --
6.2 Methods for dealing with the credibility problem --
6.3 The monetary union, the credibility problem and inflation --
6.4 Sweden's ability to handle the credibility problem independently and the position of the Riksbank --
6.5 Conclusions --
7 Fiscal Policy and the Emu --
7.1 The development of public finances --
7.2 The Maastricht Treaty and fiscal policy --
7.3 The arguments for fiscal policy rules --
7.4 The scope for stabilisation policy --
7.5 Does the monetary union involve further demands for fiscal policy integration? --
7.6 Conclusions --
8 The Labour Market and the Monetary Union --
8.1 Equilibrium unemployment, long-term unemployment, and economic policy --
8.2 Macroeconomic disturbances and the need for labour-market adjustment --
8.3 Nominal wage and price rigidities --
8.4 Labour mobility --
8.5 A strategy to combat unemployment in Sweden --
8.6 A common European policy against unemployment? --
8.7 Summary --
Appendix: The effect of a change in relative labour costs on exports and imports --
a rough estimate --
9 The Emu as a Political Project --
9.1 Economic and political integration: the continental model --
9.2 The EMU's role in European integration --
9.3 The EU as a negotiating system --
9.4 Franco-German co-operation --
9.5 The formation of the EMU: the negotiations 1988-91 --
9.6 The EMU and differentiated integration --
9.7 Political risks associated with the EMU --
9.8 Summary and conclusions --
10 The Emu, Democracy, and Sweden's International Influence --
10.1 Democratic control and accountability --
10.2 The EMU and the moulding of political opinion --
10.3 The EMU and Sweden's foreign-policy relations --
10.4 Conclusions --
11 Transition Problems --
11.1 The Maastricht Treaty's decision-making procedure and convergence criteria --
11.2 The appropriateness of the convergence criteria --
11.3 Economic conditions for a monetary union in 1999 --
11.4 Political conditions for a monetary union in 1999 --
11.5 An overall assessment of the conditions for a monetary union in 1999 --
11.6 Other transition problems --
11.7 Conclusions --
12 Exchange-Rate Arrangements between Participants in the Monetary Union and Non-Participants --
12.1 The future ERM system --
12.2 Advantages and disadvantages of a new ERM system --
12.3 Alternative exchange-rate arrangements --
12.4 Conclusions --
13 Summary and Conclusions --
13.1 Social efficiency aspects --
13.2 Stabilisation-policy arguments --
13.3 Political aspects --
13.4 Conclusions about the EMU project as a whole --
13.5 Conclusions about Sweden's participation in the monetary union --
13.6 Critical factors --
Statement of Dissenting Opinion by Nils Gottfries --
References.
Responsibility: by Lars Calmfors, Harry Flam, Nils Gottfries, Janne Haaland Matlary, Magnus Jerneck, Rutger Lindahl, Christina Nordh Berntsson, Ewa Rabinowicz, Anders Vredin.

Abstract:

Various chapters discuss monetary policy and inflation, fiscal policy, unemployment and labour markets, the transition to monetary union, and the exchange-rate arrangements between participants  Read more...

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