Advertisement

Problems of European Monetary Policy Coordination in the Transition Phase

  • Peter Bofinger

Abstract

With the Strasbourg Summit of December 8/9, 1989, the process of monetary and economic integration in Europe, which had been already quite impressive, has gained additional momentum. Before the end of 1990, the President of the European Council will convene an intergovernmental conference which will be charged with the task of preparing an amendment of the treaty with a view to the final stages of EMU.

Keywords

Monetary Policy Central Bank Commercial Bank European Monetary System Reserve Requirement 
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.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  1. BINI SMAGHI, LORENZO (1989). Progressing towards European Monetary Unification: Selected Issues and Proposals, unpublished paper.Google Scholar
  2. BARRO, ROBERT and DAVID GORDON (1983). A Positive Theory of Monetary Policy in a Natural Rate Model. Journal of Political Economy, 91, 589–610.CrossRefGoogle Scholar
  3. BRADLEY, MICHAEL and DENNIS JANSEN (1989).. Understanding Nominal GNP Targeting. Review. Federal Reserve Bank of St. Louis, 71(6), 31–40.Google Scholar
  4. BOFINGER, PETER (1989a). The EMS and Monetary Policy Coordination in Europe. SUERF Papers on Monetary Policy and Financial Systems, 7, Tilburg.Google Scholar
  5. BOFINGER, PETER (1989b). European and International Monetary Cooperation: The Need for an Integrated Approach. Paper Prepared for a Conference on Reforming the International Monetary System on September 30, 1989 in Hamburg.Google Scholar
  6. BRITISH TREASURY (1989). An Evolutionary Approach to EMU.Google Scholar
  7. BRUNNER, KARL (1984). Monetary Policy and Monetary Order. Aussenwirtschaft, 39, 187–206.Google Scholar
  8. CLAMPI, C.A. (1989). An Operational Framework for an Integrated Monetary Policy in Europe, in: Committee for the Study of Economic and Monetary Union, 225–232.Google Scholar
  9. COMMITTEE FOR THE STUDY OF ECONOMIC AND MONETARY UNION (1989). Report on Economic and Monetary Union in the European Community, Luxembourg.Google Scholar
  10. CURRIE, DAVID (1989). European Monetary Union or Competing Currencies: Which Way for Monetary Integration in Europe. Economic Outlook, London Business School, October 1989, 18–24.Google Scholar
  11. EC — COMMISSION (1990). Report on Economic and Monetary Union.Google Scholar
  12. EMMINGER, OTMAR (1986). D-Mark, Dollar, Waehrungskrisen, Stuttgart.Google Scholar
  13. GIOVANNINI, ALBERTO (1990). Money Demand and Monetary Control in an Integrated European Economy, mimeo.Google Scholar
  14. KEOHANE, ROBERT (1984). After Hegemony, Princeton.Google Scholar
  15. KLOTEN, NORBERT (1989). The Delors Report: A Blueprint For European Integration? The World Today, 45(11), 191–194.Google Scholar
  16. LAMFALUSSY, A. (1989). A Proposal for Stage Two Under Which Monetary Policy Operations Would Be Centralized In a Jointly-owned Subsidiary, in: Committee for the Study of Economic and Monetary Union, 213–219.Google Scholar
  17. MCKINNON, RONALD (1988). Monetary and Exchange Rate Policies for International Financial Stability: A Proposal. Journal of Economic Perspectives, 2, 83–104.Google Scholar
  18. PADOA-SCHIOPPA COMMITTEE REPORT (1987). Efficiency, Stability and Equity: A Strategy for the Evolution of the Economic System of the European Community, Oxford.Google Scholar
  19. POEHL, KARL OTTO (1989). The Further Development of the European Monetary System, in: Committee for the Study of Economic and Monetary Union, 129–155.Google Scholar
  20. PORTES, RICHARD (1989). Macroeconomic Policy, Coordination and the European Monetary System. CEPR Discussion Paper Series, 342.Google Scholar
  21. RUSSO, MASSIMO and GUISEPPE TULLIO (1988). Monetary Cooperation Within the European Monetary System: Is There a Rule? IMF Occasional Paper, 61, 41–82.Google Scholar
  22. SCHLESINGER, HELMUT and WILFRIED JAHNKE (1987). Geldmenge, Preise and Sozialprodukt. Jahrbucher fuer Nationaloekonomie and Statistik, 205, 410–426.Google Scholar
  23. SPINELLI, FRANCO (1983). Currency Substitution, Flexible Exchange Rates, and the Case for International Monetary Cooperation. IMF Staff Papers, 30, 755–783.CrossRefGoogle Scholar
  24. THYGESEN, NIELS (1989). A European Central Banking System, in: Committee for the Study of Economic and Monetary Union, 157–175.Google Scholar
  25. THYGESEN, NIELS and DANIEL GROS (1989). Concrete Steps Towards Monetary Union. Paper presented at CEPS Sixth Annual Conference 1989.Google Scholar
  26. VAUBEL, ROLAND (1989). Ueberholte Glaubenssaetze. Wirtschaftsdienst, June 1989, 276–279.Google Scholar
  27. WILLIAMSON, JOHN and MARCUS MILLER (1987). Targets and Indicators: A Blueprint for the International Coordination of Economic Policy. Policy Analyses in International Economics, 22, Washington, D.C.: Institute For International Economics.Google Scholar
  28. WYPLOSZ, CHARLES (1989). Asymmetry in the EMS. European Economic Review, 33, 310–320.CrossRefGoogle Scholar
  29. ALESINA, ALBERTO (1989) Politics and Business Cycles in Industrial Democracies. Economic Policy, April.Google Scholar
  30. AMATO, GIULIANO.(1988) Un motore per lo Sme. Il Sole — 24 Ore, Milan, February 15.Google Scholar
  31. BALLADUR, EDOUARD (1988) Mémorandum sur la construction monétaire européenne. ECU No. 3, Brussels, March.Google Scholar
  32. CIAMPI, CARLO A. (1989) Lecture at the University of Macerata on November 29, 1989 in: BIS Review, December 13.Google Scholar
  33. COMMISSION OF THE EUROPEAN COMMUNITIES (1989). Committee for the Study of Economic and Monetary Union. Report on Economic and Monetary Union in the European Community. Brussels.Google Scholar
  34. DE LAROSIERE, JACQUES (1990). Les finalites et modalités de la creation d’un systeme européen de banques centrales. Intervention au 8e congrès du Comité des Syndicats des banques centrales européennes à Marne-la-Vallée, March 27, 1990 in: BIS Review, April 3.Google Scholar
  35. DOYLE, MAURICE (1990). Economic and Monetary Union. Speech at the Association of Chartered Accountants. Cork, March 9, 1990 in: Deutsche Bundesbank Auszuege aus Presseartikeln, March 16.Google Scholar
  36. DRIFILL, JOHN (1988). The Stability and Sustainability of the European Monetary System with Perfect Capital Markets, in: GIAVAZZI, et al (eds.), The European Monetary System, Cambridge.Google Scholar
  37. DUISENBERG, W.F. (1989). Interview published in Finanz und Wirtschaft, October 11, 1989 (English translation) in: BIS Review, October 31.Google Scholar
  38. KREMERS, JEROEN J.M. and LANE, TIMOTHY D. (1990). Economic and Monetary Integration and the Aggregate Demand for Money in the EMS. International Monetary Fund. Working Paper, WP/90/23, March (unpublished).Google Scholar
  39. MAYER, JOERG (1989). Capital Controls in the EMS — A Survey. EPS Working Document No. 43, August.Google Scholar
  40. MCDONALD, FRANK AND ZIS, GEORGE (1988). The European Monetary System: Towards 1992 and Beyond. In Journal of Common Market Studies, XXVH(3), March.Google Scholar
  41. PADOA-SCHIOPPA, TOMMASO (1988). The EMS: A Long-Term View, in: FRANCESCO GIAVAZZI, et al (eds.), The European Monetary System, Cambridge.Google Scholar
  42. PöHL, KARL OTTO (1990). Basic Features of a European Monetary Order, this volume.Google Scholar

Copyright information

© Springer-Verlag Berlin · Heidelberg 1994

Authors and Affiliations

  • Peter Bofinger

There are no affiliations available

Personalised recommendations