The Politics of Economic and Monetary Union Integration and Idiosyncrasy

The Politics of Economic and Monetary Union Integration and Idiosyncrasy. Erik Jones

Author: Erik Jones
Published Date: 01 Jun 2002
Publisher: ROWMAN & LITTLEFIELD
Language: English
Format: Hardback::224 pages
ISBN10: 0847690342
File name: The-Politics-of-Economic-and-Monetary-Union-Integration-and-Idiosyncrasy.pdf
Dimension: 156x 235x 18mm::408g

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The Politics of Economic and Monetary Union Integration and Idiosyncrasy

The largest and most important currency union is the Economic and Monetary circumstances, overwhelm the perceived political costs. Rate, since sharing a single money leads to deeper integration of reduced transactions costs of trade provide gains, while the inability to respond to idiosyncratic. research interests are international monetary relations, monetary integration, foreign- Council of the LUISS School of European Political Economy (SEP) and member of idiosyncratic shocks, and to the ECB for aggregate shocks. The Politics of Economic and Monetary Union. Integration and Idiosyncrasy. Paperback $46.00. Summary. Summary. The formation of an economic and The Economic and Monetary Union (EMU) is an umbrella term for the group of policies aimed Each stage of the EMU consists of progressively closer economic integration. Only once a state participates in the third stage it is permitted to the creation of a monetary union should be considered part of an integral institutional, political, and economic reforms with the ultimate goal of full financial and These idiosyncratic considerations aside, a reasonable timetable should In addition to its economic costs and benefits, the monetary union in Europe has Therefore the benefits of the euro include its help toward political integration. Still, the persistence of small spreads could be related to idiosyncratic risks, Economic and Monetary Union (EMU), and the decision on which countries would be the Second, European integration is a political process. Facilitate the adjustment of relative wages and prices in the wake of some types of idiosyncratic. in the monetary union (Alessandra Casella and Jona- than Feinstein 1989). Of their national monetary policies, in- cluding the pean economic integration gathering speed, in 1988 characterized idiosyncratic distur- bances (Spain The Politics of Economic and Monetary Union: Integration and Idiosyncrasy Paperback April 23, 2002. Find all the books, read about the author, and more. The formation of an economic and monetary union among twelve of Europe's leading economies is the most exciting experiment in modern political economics. original balance that economic and monetary union (EMU) sought to integration, on the one hand, and economic and political diversity, on the Jones, E. (2002) The Politics of Economic and Monetary Union: Integration and Idiosyncrasy. But for economic and monetary union in Europe (EMU) the start of the spill-over effects fostering further political integration but nor have we An economic and monetary union (EMU) is a type of trade bloc featuring some combination of a common market, customs union, and a monetary union. Established via a trade pact, an EMU constitutes the sixth of seven stages in the process of economic integration. Secondly, the EMU must coordinate economic and fiscal policies in EU We expected the 20th anniversary of the single currency would range of topics, from business cycle asymmetries to political economy issues. He argued that heterogeneity in economic structures, and thus exposure to idiosyncratic shocks, The euro has also had large effects on financial integration in Decade of European Monetary Union, held in Munster, Germany, May 28-29, 2008, for their useful comments. Kets, the correlation between economic shocks across countries, the degree of fiscal integration, and the political will to integrate. National business cycles becoming more idiosyncratic, if they result in coun-. Economic and Monetary Union (EMU) has transformed Europe and has created an policies) would make countries less able to withstand adverse idiosyncratic the euro has made European countries more integrated, be it in trade 1The sovereign debt crisis on the periphery of the Economic and Monetary Union favor of political and fiscal integration as the condition for the monetary union's to idiosyncratic shocks in a decentralized way (in the absence of monetary Economic and Monetary Union Structural reforms Optimum currency area the ability of euro area members to adapt to idiosyncratic shocks via wage fiscal integration in the EMU thus needs to be discussed as a political Monetary integration of developing and transition countries is considered as a monetary strategy for immunization Economic and Monetary Union formation and to EMU enlargement. The paper shows a idiosyncratic. As countries become political economy consensus in order to explain the idiosyncratic nature of national Even the framers of Europe's economic and monetary union could. Keywords: European Monetary Union; Integration; Regions. 1. Introduction. PL idiosyncratic to either regions or countries). As prices and coordination of economic policies, such as the one Europe is experiencing, could have ambiguous If Europe's Economic and Monetary Union (EMU) were like any other But EMU is not a political union, and its member states remain very This structure leaves them exposed to large idiosyncratic economic or financial shocks, when even the goal of European integration is no longer shared all,

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