Monetary Integration in Europe : The European Monetary Union after the Financial Crisis

Description

This book provides a fully revised and up-to-date analysis of the Economic and Monetary Union (EMU). With four entirely new chapters on responses to the financial crisis and the debate on reform options, Tomann assesses the EMU in comparison with other currency regimes through the adoption of a historical analysis. The book discusses in detail basic issues with currency and comprehensively analyzes monetary policy, highlighting problems of policy coordination. Tomann explores new monetary institutions that have been established in response to the financial crisis, before addressing long-term issues and reviewing reform proposals. By focusing on monetary issues the book offers a better understanding of macroeconomic policies and international policy cooperation, and, by extension, provides a thorough economic assessment of the EMU as an institution as it stands today. Front Matter ....Pages i-xvii The History of Monetary Integration in Europe (Horst Tomann)....Pages 1-17 Front Matter ....Pages 19-19 Theory of Optimum Currency Areas (Horst Tomann)....Pages 21-35 The Economic and Monetary Union: Institutions and Credibility (Horst Tomann)....Pages 37-53 Conventional Monetary Policy of the ECB (Horst Tomann)....Pages 55-79 Fiscal Policy Coordination and the Stability and Growth Pact (Horst Tomann)....Pages 81-104 The EMU and the Wage Bargain (Horst Tomann)....Pages 105-132 Front Matter ....Pages 133-133 The ECB’s Unconventional Monetary Policy (Horst Tomann)....Pages 135-150 The Burden of Public Debt and the European Stability Mechanism (Horst Tomann)....Pages 151-166 The Banking Union and Financial Stability (Horst Tomann)....Pages 167-179 Front Matter ....Pages 181-181 Real Convergence in a Monetary Union (Horst Tomann)....Pages 183-196 The New European Monetary System (Horst Tomann)....Pages 197-212 The Debate on Reform Options (Horst Tomann)....Pages 213-230 Back Matter ....Pages 231-246