Further Considerations on the New Approach to European Monetary Unification

  • Giovanni Magnifico


Regional problems have dominated Europe’s development. History, culture, geography, scientific advance and technological change, which have been and are the sources of Europe’s material and non-material riches, have also contrived to create regional differences. These persist even today, when unprecedented high levels of income, the relative decline of transport costs, the weakening of locational preferences consequent upon technical progress in the field of energy as elsewhere, the multiplication of links and contacts infinitely varied in their forms, all make for an increase in the ‘footlessness’ of people, capital and enterprise. In fact, these differences may grow under the impact of increased mobility, and be aggravated if the institutional framework and the policies, in whose context mobility operates, are not adapted to the needs of balanced growth in the wider European area.


Exchange Rate Central Bank Member Country Trade Balance Monetary Union 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.


  1. [1]
    Alexander, S. S., ‘Effects of Devaluation on a Trade Balance’, International Monetary Fund Staff Papers, vol. ii (1952).Google Scholar
  2. [2]
    Baffi, P, P., ‘Western European Inflation and the Reserve Currencies’, Banca Nazionale del Lavoro Quarterly Review, no. 94 (Mar 1968).Google Scholar
  3. [3]
    Beckerman, W., ‘Projecting Europe’s Growth’, Economic Journal (Dec 1962).Google Scholar
  4. [4]
    Campolongo, A., ‘L’Indirizzo Economico Regionale e la Comunità Europea’, Rivista di Politica Economica (Dec 1970).Google Scholar
  5. [5]
    Carli, G., ‘Improving the International Adjustment Process: Some Proposals’, in Convertibility, Multilateralism and Freedom: Essays in Honour of Reinhard Kamitz (Springer Verlag, Wien-New York 1972).Google Scholar
  6. [6]
    Cooper, R. N., Currency Devaluations in Developing Countries, Essays in International Finance, no. 86 (International Finance Section, Princeton University, June 1971).Google Scholar
  7. [7]
    Corden, W. M., Monetary Integration, Essays in International Finance, no. 93 (International Finance Section, Princeton University, Apr 1972).Google Scholar
  8. [8]
    E.E.C., Third General Report on the Activity of the Communities for 1969 (Brussels-Luxembourg, 1970).Google Scholar
  9. [9]
    Einzig, P., The Case against Floating Exchanges (London: Macmillan, 1970).CrossRefGoogle Scholar
  10. [10]
    Fellner, W., ‘On Limited Exchange-Rate Flexibility’ in W. Fellner et al., Maintaining and Restoring Balance in International Payments (Princeton U.P., 1966).Google Scholar
  11. [11]
    Gerschenkron, A., Economic Backwardness in Historical Perspective (New York: Praeger, 1965).Google Scholar
  12. [12]
    Giersch, H., Marktintegration, Wechselkurs und Standortstruktur: Fundamentale Fragen künftiger Währungspolitik, Frankfurter Gespräch der List Gesellschaft (Basle: Kyklos-Verlag; Tübingen: J. B. C. Mohr (Paul Siebeck), 1965).Google Scholar
  13. [13]
    Grubel, H. E., ‘The Distribution of Seigniorage from International Liquidity Creation’, in R. A. Mundell and A. K. Swoboda (eds.), Monetary Problems of the International Economy (Chicago U.P., 1969).Google Scholar
  14. [14]
    Halm, G. N., The ‘Band’ Proposal: The Limits of Permissible Exchange Rate Variations, Special Paper in International Economics, no. 6 (International Finance Section, Princeton University, Jan 1965).Google Scholar
  15. [15]
    Harrod, R., Money (London: Macmillan, 1969).CrossRefGoogle Scholar
  16. [16]
    Hinshaw, R., ‘Elasticity Pessimism, Absorption and Flexible Exchange Rates’, in W. Sellekaerts (ed.), International Trade and Finance; Essays in Honour ofJan Tinbergenll, (London: Macmillan, 1973).Google Scholar
  17. [17]
    Hirschman, A. O., The Strategy of Economic Development (New Haven: Yale U.P., 1959).Google Scholar
  18. [18]
    International Monetary Fund, The Role of Exchange Rates in the Adjustment of International Payments—A Report by the Executive Directors (Washington, D.C., 1970).Google Scholar
  19. [19]
    International Monetary Fund, Reform of the International Monetary System—A Report by the Executive Directors to the Board of Governors (Washington, D.C., 1972).Google Scholar
  20. [20]
    Katz, S. I., Branson, W. H., and Willett, T. D.,Exchange Rate System, Interest Rates and Capital Flows, Essays in International Finance, no. 78 (International Finance Section, Princeton University, Jan 1970).Google Scholar
  21. [21]
    Lawson, R. W., ‘World Currency Problems’, remarks by R. W. Lawson, Deputy Governor of the Bank of Canada, to the Economic Society of Alberta, Calgary, 17 Feb 1972 (mimeographed text).Google Scholar
  22. [22]
    Lever, H., in debate on public expenditure, Hansard, House of Commons, Daily Parts 9 Dec 1971, cols, 1526 ff.Google Scholar
  23. [23]
    LÖSch, A., Die raümliche Ordnung der Wirtschaft: Eine Untersuchung über Standort, Wirtschaftsgebiete und internationalen Handel (Jena, Fischer, 1940).Google Scholar
  24. [24]
    Machlup, F., ‘Elasticity Pessimism in International Trade’, Economia Internazionale, vol. Iii, no. I (Feb 1950).Google Scholar
  25. [25]
    Machlup, F, F., ‘Relative Prices and Aggregate Spending in the Analysis of Devaluation’, American Economic Review, vol. Xlv (1955)Google Scholar
  26. [26]
    Machlup, F., ‘The Terms of Trade Effects of Devaluation upon Real Income and the Balance of Trade’, Kyklos vol. Ix, no. 4(1956).Google Scholar
  27. [27]
    Machlup, F., ‘The Cloakroom Rule of International Reserves: Reserve Creation and Resources Transfer’, Quarterly Journal of Economics, vol. Lxxix (Aug 1965).Google Scholar
  28. [28]
    Masera, F., Monetary and Exchange Rate Policy of E.E.C. Countries (Tilburg: Société Universitaire Européenne de Recherches Financières, 1972).Google Scholar
  29. [29]
    Meade, J. E., ‘Exchange Rate Flexibility’, Three Banks Review, no. 70 (June 1966).Google Scholar
  30. [30]
    Mundell, R. A., ‘World Inflation and the Eurodollar’, Note Economiche, Monte dei Paschi di Siena (Mar-Apr, 1971).Google Scholar
  31. [31]
    Ossola, R., Towards New Monetary Relationships, Essays in International Finance, no. 87 (International Finance Section, Princeton University, July 1971).Google Scholar
  32. [32]
    Richardson, H. W., Elements of Regional Economics (Harmondsworth: Penguin Books, 1969).Google Scholar
  33. [33]
    Tagliacarne, G., ‘The Italian Regions and the Recession: Method and the Use of Regional Indicators of the Cyclical Trend’, Review of the Economic Conditions in Italy (Banco di Roma, Mar 1972).Google Scholar
  34. [34]
    Triffin, R., ‘How to Arrest a Threatening Relapse into 1930’s?’, Bulletin de la Banque Nationale de Belgique (Nov 1971).Google Scholar
  35. [35]
    Tsiang, S. C., ‘The Role of Money in Trade-Balance Stability: Synthesis of the Elasticity and Absorption Approaches’, American Economic Review, vol. Li (Dec 1961).Google Scholar
  36. [36]
    Weber, A., Über den Standort der Industrien (Tübingen, J.C.B. Mohr, 1909).Google Scholar
  37. [37]
    Williamson, J. H., The Crawling Peg, Essays in International Finance, no. 50(International Finance Section, Princeton University, Dec 1965).Google Scholar

Copyright information

© Giovanni Magnifico 1973

Authors and Affiliations

  • Giovanni Magnifico

There are no affiliations available

Personalised recommendations