Abstract
With the Maastricht Treaty signed on February 7, 1992, the EC member countries seemed to be heading not only for the single market as of January 1, 1993, but also towards monetary union by the end of the 1990s. However, within months the EC was facing (i) a confidence crisis on the side of market participants, (ii) an economic policy crisis in the sense of diverging views on the desired policy course in major EC countries and (iii) a growing concern that too rigid fiscal policy convergence criteria of the Maastricht Treaty would restrict the room to maneuver at the start of single market. The start of the single market was surprisingly characterized by slow growth and strong pressures for structural adjustment in all EC countries.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
BAILEY, M.J. and TAVLAS, G.S. (1988), Trade and Investment under Floating Exchange Rates: The U.S. Experience, CATO Journal, Vol. 8, 421–442.
BAILEY, M.J. and TAVLAS, G.S. (1991), Exchange Rate Variability and Direct Investment, Annals of the American Academy of Political and Social Science, 516, July, 106’116.
BALASSA, B. (1961), The Theory of Economic Integration, London: Irwin.
BARRO, R. and GORDON, D. (1983), Rules, Discretion and Reputation in a Model of Monetary Policy, Journal of Monetary Economics, July, 101–121.
BAYOUMI, T. (1992), The Effect of the ERM on Participating Economies, IMF Staff Papers, Vol. 39, 330–356.
BIS (BANK OF INTERNATIONAL SETTLEMENTS, 1992), 62. Jahresbericht, Basle.
BIS (1993), 63rd Annual Report 1993, Basle.
BLITZ, J. (1992), How Central Banks Ran into the Hedge, Financial Times (30 Sept.), London.
BORCHARDT, K. (1968), Regionale Wachstumsdifferenzierung in Deutschland im 19. Jahrhundert unter besonderer Beriicksichtigung des West-Ost-Gefalles, in: LUTGE, F., ed., Wirtschaftliche und soziale Probleme der gewerblichen EntwkMung im 15–16 und 19. Jahrhundert, Stuttgart: 115–123.
BUTTER, F.A.G. den and FASE, M.M.G. (1981), The Demand for Money in EEC Countries, in: Journal of Monetary Economics, Vol. 8, 201–230.
CANZONERI, M.B. and DIBA, B.T. (1992), The Inflation Discipline of Currency Substitution, European Economic Review, Vol. 36, 827–846.
CANZONERI, M.B.; GRILLI, V. and MASSON, P.R., eds. (1992), Establishing a Central Bank: Issues in Europe and Lessons from the US, Cambridge: Cambrige University Press.
CECCHINI, P. (1988), Europa ’92. Der Vorteil des Binnenmarktes, Baden-Baden: Nomos.
DE GRAUWE, P. (1992), The Economics of Monetary Integration, London: Oxford UP.
DE GRAUWE, P. (1989), International Trade and Economic Growth in the European Monetary System, European Economic Review, Vol. 31, 389–398.
DEUTSCHE BUNDESBANK (1992), Geschäftsbericht der Deutschen Bundesbank für das Jahr 1991, Frankfurt/M.
DORNBUSCH, R. (1991), Problems of European Monetary Integration, in: Giovannini, A. and Mayer, C., eds., European Financial Integration, 305–327.
EC COMMISSION (1990), One Market, one Money, No. 44, Luxembourg.
EC COMMISSION (1992), European Economy, Supplement A, No. 5 /6 1992.
EICHENGREEN, B. (1990), One Money for Europe? Lessons from the US Currency Union, Economic Policy, No. 10, 177–188.
EUROSTAT (1990), Provisional Report by Christine Spanneut on Direct Investment in the European Community, Luxembourg, August 1990.
FRATIANNI, M. and VON HAGEN, J. (1992), The EMS and European Monetary Union, Boulder, Co.: Westview.
FRATIANNI, M., VON HAGEN, J. and WALLER, C. (1992), The Maastricht Way to EMU, Essays in International Finance, No. 187, International Finance Section, Princeton University, June.
FROOT, K.A. and STEIN, J.C. (1991), Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach, Quarterly Journal of Economics, November, 1191–1217.
GARBER, P. and FLOOD, R. (1993), Policy Switching, Cambridge: MIT Press.
GIAVAZZI, F. and GIOVANNINI, A. (1986), The EMS and the Dollar, Economic Policy, 1986/2, 455–473.
GIAVAZZI, F. and PAGANO, M. (1988), The Advantage of Tying One’s Hands: EMS Discipline and Central Bank Credibility, European Economic Review, Vol. 32, 1055–1082.
GOLDSTEIN, M. et al. (1993), International Capital Markets, Part I., Washington: IMF.
GOTUR, P. (1985), Effects of Exchange Rate Volatility on Trade, IMF Staff Papers, Vol. 32, 475–511.
GRIMES, A. (1991), The Effects of Inflation on Growth: Some International Evidence, Weltwirtschaftliches Archiv, Vol. 127, 631–700.
HASSE, R.H. and SCHÄ FER, W. (1990), Europäische Zentralbank, Göttingen:
HENNING, R. (1993), International Monetary Policymaking in the United States, Germany and Japan, Washington DC: Institute for International Economics.
ISSING, O. (1992), Institutionen und Evolution im internationalen Währungssystem—Zur Entwicklung der Reservewährungen, in: GÖRGENS, E. und TUCHTFELDT, E., Ed., Die Zukunft der wirtschaftlichen Entwicklung—Perspektiven und Probleme, Bern: Haupt, 343–361.
KENEN, P. (1992), EMU after Maastricht, Washington DC: Group of Thirty.
KENEN, P. (1969), The Theory of Optimum Currency Areas: An Eclectic View, in: MUNDELL, R. and SWOBODA, A., Ed., Monetary Problems in the International Economy, Chicago: University of Chicago Press.
KLEIN, M. and WELFENS, P. J. J., Eds. (1992), Multinationals in the New Europe and Global Trade, Heidelberg: Springer.
KOSTERS, W. (1993), On the Stability Conception of the Maastricht Treaty: Interpretation and Critical Assessment, Ruhr-Universitat Bochum, mimeo.
KRAVIS, I. and LIPSEY, R. (1988), National Price Levels and the Price of Tradables and Nontradables, American Economic Review, P&P, Vol. 78, 474–478.
KREMERS, J. and LANE, T. (1990), Economic and Monetary Integration and the Aggregate Demand for Money in the EMS, IMF Working Paper 90/23, Washington DC.
KYDLAND, F. and PRESCOTT, E. (1977), Rules Rather than Discretion: The Inconsistency of Optimal Plans, Journal of Political Economy.
LANE, T. (1993), Market Discipline, IMF Working Paper, WP/92/42, Washington DC, forthcoming in IMF Staff Papers.
MATTHES, H . (1992), Adaquate Regeln fur die Fiskalpolitik der EG-Lander, Wirtschaftsdienst, 1992/VII, 409’414.
MATTHES, H. and ITALIANER, A. (1991), 1st die Gemeinschaft ein optimaler Wührungsraum, in: WEBER, M., Ed. (1991), Europa auf dem Weg zur Wührungsunion, Darmstadt: Wissensch. Buchgesellschaft, 70–103.
MENKHOFF, L. and SELL, F.L. (1992), Überlegungen zu einem optimalen DM-Wahrungsraum, Zeitschrift fur Wirtschafts- und Sozialwissenschaften, Vol. 112, 379–400.
MOLLE, W. and MORSINK, R. (1991), Intra-European Direct Investment, in: BURGENMEIER, B. and MUCCHIELLI, J.L., eds. (1991), Multinationals and Europe 1992, London: Routledge, 81–101.
OECD (1987), Structural Adjustment and Economic Performance, Paris.
OECD (1992), Main Economic Indicators, Paris.
OECD (1993), OECD Economic Outlook, June, Paris.
SEIDEL, M. (1992), Verfassungsrechtliche Probleme der Wirtschafts- und Währungsunion, List Forum, Bd. 18, 219–231.
SMEETS, H.-D. (1993), Monetäre Integration in Europa—Vom EWS zur Währungsunion, forthcoming: in GRÖNER, H. and SCHÜLLER, A., eds., Europaische Integration als ordnungspolitische Aufgabe, Stuttgart: Fischer.
TATOM, J. A . (1976), The Welfare Cost of Inflation, Federal Reserve Bank of St. Louis Economic Review, Vol. 56, Nov., 9–22.
TOOTELL, M.B. (1992), Purchasing Power Parity within the United States, New England Economic Review, July/August, 15–24.
VON HAGEN, J. and NEUMANN, M.J.J. (1992), Real Exchange Rates Within and Between Currency Areas: How Far Away is EMU?, CEPR Discussion Paper No. 660, London.
WEBER, M., Ed. (1991), Europa auf dem Weg zur Wahrungsunion, Darmstadt: Wiss. Buchgesellschaft.
WELCKER, J. (1992), Das Europäische System der Zentralbanken, Wissenschaftliche Hefte No. 1, Landeszentralbank im Saarland, Saarbrücken.
WELCKER, J. and NERGE, C. (1992), Spanien müßte mehr abführen, als es vom Kohäsionsfond erhielte, Handelsblatt, 8/6/91, Nr. 150, 11, Düsseldorf.
WELFENS, P.J.J., Ed. (1992a), Economic Aspects of German Unification, New York: Springer.
WELFENS, P.J.J. (1992b), Market-oriented Systemic Transformations in Eastern Europe, Heidelberg: Springer.
WELFENS, P.J.J. (1993a), The Single Market and the Eastern Enlargement of the EC, New York and Heidelberg: Springer.
WELFENS, P.J.J. (1993b), A Short History of European Monetary Integration, paper presented at Institut Universitaire International Luxembourg, forthcoming in: WILLMS, M., ed., European Monetary Union.
WORLD BANK (1992), World Development Report, New York.
YANNOPOULOS, G. N. (1992), Multinational Corporations and the Single European Market, University of Reading Discussion Paper No. 45, Reading.
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 1996 Springer-Verlag ° Berlin Heidelberg
About this chapter
Cite this chapter
Welfens, P.J.J., Henning, C.R. (1996). European Monetary Union: Post-Maastricht Perspectives on Monetary and Real Integration in Europe. In: Welfens, P.J.J. (eds) European Monetary Integration. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-642-79969-3_1
Download citation
DOI: https://doi.org/10.1007/978-3-642-79969-3_1
Publisher Name: Springer, Berlin, Heidelberg
Print ISBN: 978-3-642-79971-6
Online ISBN: 978-3-642-79969-3
eBook Packages: Springer Book Archive