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Monetary Union And The Maastricht Inflation Criterion
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Book Synopsis The Maastricht Inflation Criterion by : John Lewis
Download or read book The Maastricht Inflation Criterion written by John Lewis and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to the Maastricht Treaty, a country seeking to join the European Monetary Union cannot have an inflation rate in excess of 1.5 per cent plus the average inflation rates in the three 'best performing' EU countries. This inflation reference value is a non-increasing function of the number of EU members. A counterfactual analysis of historical data shows that the effect of enlarging the EU from 15 to 27 countries was sizeable in 2002-04 and again from 2007. Monte Carlo simulations suggest that the enlargement of the EU from 15 to 27 members reduces the inflation reference value by 0.15-0.2 percentage points on average, but there is a considerable probability of a larger reduction at any given moment of time. The treatment of countries with negative inflation rates in the calculation of the reference value has a major impact on the results.
Book Synopsis Monetary Union and the Maastricht Inflation Criterion by : F. Gulcin Ozkan
Download or read book Monetary Union and the Maastricht Inflation Criterion written by F. Gulcin Ozkan and published by . This book was released on 2004 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We model an accession country facing a Maastricht-type inflation criterion that specifies an inflation ceiling. In addition to deciding whether or not to satisfy this criterion, the country must decide how much costly economic reform to undertake. If the country puts enough weight on the future that it can credibly meet the inflation criterion no matter what the ceiling is, then the inflation criterion benefits the country but lowers reform. If the country puts less weight on the future, then a criterion with a properly chosen inflation ceiling can increase reform. We derive the inflation ceilings that maximize the country's welfare and its reform.
Book Synopsis The Maastricht Inflation Criterion by : Jaromír Hurník
Download or read book The Maastricht Inflation Criterion written by Jaromír Hurník and published by International Monetary Fund. This book was released on 2006-06-01 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Maastricht inflation criterion, designed in the early 1990s to bring "high-inflation" EU countries in line with "low-inflation" countries prior to the introduction of the euro, poses challenges for both new EU member countries and the European Central Bank. While the criterion has positively influenced the public stance toward low inflation, it has biased the choice of the disinflation strategy toward short-run, fiat measures-rather than adopting structural reforms with longer-term benefits-with unpleasant consequences for the efficiency of the eurozone transmission mechanism. The criterion is also unnecessarily tight for new member countries as it mainly reflects cyclical developments.
Book Synopsis Maastricht [and] the Choice of Exchange Rate Regime in Transition Countries During the Run-up to EMU by : György Szapáry
Download or read book Maastricht [and] the Choice of Exchange Rate Regime in Transition Countries During the Run-up to EMU written by György Szapáry and published by . This book was released on 2001 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Inflation Convergence During the Transition to EMU by : Paul de Grauwe
Download or read book Inflation Convergence During the Transition to EMU written by Paul de Grauwe and published by . This book was released on 1992 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis European Monetary Union by : Paul J.J. Welfens
Download or read book European Monetary Union written by Paul J.J. Welfens and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 463 pages. Available in PDF, EPUB and Kindle. Book excerpt: Paul J. J. Welfens European monetary union has been discussed for more than three decades and is likely to be realized in 1999. One may anticipate generous interpretations of the fiscal convergence criteria. Such generosity consistent with the Maastricht Treaty might impair the credibility of the ECB and the stability of the Euro, respectively, despite the fact that inflation is a monetary phenomenon and has little to do with government deficits, unless they were financed via the printing press, which is excluded in the Maastricht Treaty. The European Commission's forecast of spring 1997 suggests that Italy will have problems in joining the EMU starter group as the is expected to be 3. 2% in 1997 and even 3. 9% in 1998. A Italian deficitlGDP ratio fully developed EMU group (with all 15 cowltries included) would represent 38% of the OECD GDP, slightly higher than the U. S. with 33% (Japan 21%). The exports/GDP ratio of EU countries is 30%, the ratio with respect to exports outside the EU would be 10% (Japan, U. S. 8%). The share of the U. S. dollar in international currency reserves fell from 67% to 40% in 1995, while the share of European currencies increased from 13% to 37%. Prior to the EMU, market participants have to anticipate whether a transition to 1999 will bring windfall losses or gains in various bond markets.
Book Synopsis Trends in European Productivity and Real Exchange Rates by : Matthew B. Canzoneri
Download or read book Trends in European Productivity and Real Exchange Rates written by Matthew B. Canzoneri and published by . This book was released on 1996 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The impact of the Maastricht Treaty on euroscepticism in Italy by :
Download or read book The impact of the Maastricht Treaty on euroscepticism in Italy written by and published by GRIN Verlag. This book was released on 2019-03-27 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2019 in the subject Politics - Topic: International Organisations, grade: 1,0, , language: English, abstract: Euroscepticism is a phenomenon that has evolved in many EU-member states in the last decade and has quite clearly manifested itself in the Brexit debate. Italy, despite being a founding member and historically pro-European, also started to establish Eurosceptic approaches and tends to blame the EU, especially the Euro, for its economic problems. This paper seeks to analyze the origin of Euroscepticism in Italy by looking at the reform programs that were imposed after the Maastricht convergence criteria required prospective members to cut their deficit and debt ratio. The resulting cuts in social expenditure created a public opposition towards the EU. Yet, even though Euroscepticism evolved, the Maastricht treaty can be seen both as an opportunity and a challenge. The emergence of Euroscepticism, however, is a general threat to the functioning and credibility of the EU. There are numerous reasons for countries to develop Euroscepticism. As for the Italian case, some scholars explain Euroscepticism by the accumulation of external historical factors, like the Maastricht Treaty of 1992.
Book Synopsis The Creation of the European Monetary Union (EMU) by : Ramona Kraft
Download or read book The Creation of the European Monetary Union (EMU) written by Ramona Kraft and published by GRIN Verlag. This book was released on 2007-09-26 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Essay from the year 2006 in the subject Economics - Monetary theory and policy, grade: 1,4, Dublin City University (Business School), course: Course EU Politics, 14 entries in the bibliography, language: English, abstract: The creation of the European and Monetary Union (EMU) has been one of the most determined and successful projects carried out by the European Union (EU) - and it is still in progress since eleven EU-countries are, following the Maastricht treaty, legally required to join the Eurozone as soon as they meet the convergence criteria. The reasons for the creation of EMU have been widely discussed among scholars; some focus on the request for political integration that would resulted from an EMU, some claim that the EMU was established to promote growth and investment. The assignment will hence "discuss how the creation of EMU was both an economic and politically driven process". Chapter 1 outlines events and agreements which indirectly led to the EMU. Chapter 2 assesses the Delors Report and the Stability and Growth Pact (SGP) which affect EMU directly . Chapter 3 concludes by analysing the mentioned 30-year process leading to the EMU and gives a brief outlook. This approach has been chosen because it is essential to study the historical events leading to the Delors Report and finally the Treaty on European Union (TEU) in order to analyse the creation of EMU.
Book Synopsis Inflation, Debt, and Default in a Monetary Union by : Samir Jahjah
Download or read book Inflation, Debt, and Default in a Monetary Union written by Samir Jahjah and published by International Monetary Fund. This book was released on 2000-11 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Depending on the preferences of the central bank, countries in a monetary union tend to accumulate less debt. This reduces the need for fiscal criteria such as debt ceilings. In a monetary union with an independent central bank and a sufficiently large number of relatively small members, investors will begin rationing credit to the government more rapidly, and an equilibrium with no inflation and no default exists. However, highly-indebted countries are more likely to default once they join a monetary union.
Book Synopsis Monetary Policy at the European Periphery by : Iannis A. Mourmouras
Download or read book Monetary Policy at the European Periphery written by Iannis A. Mourmouras and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 298 pages. Available in PDF, EPUB and Kindle. Book excerpt: At long last, monetary union has dawned in Europe. Eleven member states now share the common currency, forming a larger EMU than many observers, who thought that monetary union would initially be restricted to the core countries of the European Union, expected. The next item on the EMU agenda now is the question how to bring the remaining members of the European Union into the monetary union. I.A. Mourmouras and M. G. Arghyrou address this question from the perspective of Greece, and, with it, future European Union members such as Hungary and Poland. Their book presents a careful and interesting study of the Greek monetary policy experiences over the past 25 years. It demonstrates how Greece moved from an inflation ridden economy characterized by rigid controls of the financial sector to an economy for which an independent central bank and inflation targeting are credible options. The study is not only interesting in itself but also in that it bears important lessons for the development of monetary policy and institutions in the candidate countries of the European Union.
Download or read book The Euro written by Chris Mulhearn and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title provides a comprehensive overview of the development and design of the European Monetary Union, as well as an intriguing discussion of its prospects for future enlargement.
Book Synopsis Perspectives on European Monetary Union by : Helmut Wagner
Download or read book Perspectives on European Monetary Union written by Helmut Wagner and published by . This book was released on 1998 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Aspects of European Monetary Integration by : A. Watson
Download or read book Aspects of European Monetary Integration written by A. Watson and published by Springer. This book was released on 2015-12-22 with total page 237 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a thorough knowledge of the nature of the convergence criteria which states must meet in order to qualify for accession to the future Economic and Monetary Union of Europe and comprehensive coverage of both the economic and political rationale of the criteria within the framework of an international political economy approach. Thus, throughout the course of the analysis, three questions in particular are addressed: first, what is the relationship between the economics and politics of the convergence criteria; second, how do domestic and international factors impact upon their future realisation; and third what, overall, is the role of the state. This book gives valuable insights into the Economic and Monetary Union debate.
Book Synopsis The Maastricht Inflation Criterion by : John Lewis
Download or read book The Maastricht Inflation Criterion written by John Lewis and published by . This book was released on 2007 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic and Monetary Union in Europe by : Peter B. Kenen
Download or read book Economic and Monetary Union in Europe written by Peter B. Kenen and published by Cambridge University Press. This book was released on 1995-09-29 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: 1.The origins of EMU -- 2.The design of EMU -- 3.Monetary policy in Stage Three -- 4.Fiscal policy and EMU -- 5.EMU and the outside world -- 6.The transition to EMU -- 7.Reconsidering the transition -- 8.Getting on with EMU.
Book Synopsis Euro Adoption and Maastricht Criteria by : Jiri Jonas
Download or read book Euro Adoption and Maastricht Criteria written by Jiri Jonas and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In connection with the prospective euro adoption by the new EU members, the issue of how strictly to enforce the Maastricht criteria for joining the European Economic and Monetary Union (EMU) has been discussed for some time. Arguments have been made in favor of a more flexible interpretation of some Maastricht criteria to take into account the specific conditions of the new member states (NMS). This paper makes a case for a more flexible interpretation of the Maastricht inflation criterion and proposes a different specification. Further, it examines the compatibility of inflation and exchange rate Maastricht targets and argues that under the specific circumstances of euro adoption, and taking into account the way these targets are defined, meeting both of them during a limited period of time should not pose a problem. Finally, the paper argues that both for short-term cyclical and long-term sustainability reasons, the NMS may aim at somewhat more ambitious fiscal targets before euro adoption than required by the Maastricht fiscal criteria.
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