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Journal Article
Study examines future of European Monetary Union
Speech
The extended importance of the euro
Remarks before the European Banking Congress, Frankfurt am Main, Germany, November 17, 2006 ; "While the ECB has delivered a currency that retains its purchasing power at least as well as the dollar, there are at least three reasons why the euro is unlikely to displace the dollar as the dominant international currency in the near term. First, the growth prospects of the euro area. Second, the uniqueness of EMU. Third, the benefits of incumbency."
Journal Article
European Monetary Union: how close is it?
Journal Article
European Community continues push toward monetary union
Journal Article
The role of banks in monetary policy: a survey with implications for the European Monetary Union
This article begins with a review of the growing literature on the role of banks in the transmission of monetary policy. The authors then discuss the implications of this literature for the operation of monetary policy in the European monetary union.
Working Paper
European Monetary Union: evidence from structural VARs
This paper examines the historical pattern of aggregate demand and supply shocks in several European Monetary System countries in order to assess the desirability of monetary union. Countries with similar patterns of shocks are presumably better candidates for monetary union than those hit by wildly disparate shocks. The historical time series of shocks is identified by estimating a vector autoregressive model while imposing the restriction that demand shocks have no permanent effect on real output. In most cases supply shocks are positively correlated with those of Germany, but the negative ...
Journal Article
Fiscal constraints in the EMU
Journal Article
European Monetary Union
The discussion briefly reviews the events leading up to the adoption of the European Monetary System in March 1979 and the associated Exchange Rate Mechanism. It goes on to describe the Maastricht Treaty and to review the costs and benefits of a common currency. The author also considers the importance of European Monetary Union (EMU) from a U.S. perspective.
Journal Article
On the way to a new monetary union: the European Monetary Union