European Monetary Integration

Studies examining the policy challenges posed by European monetary integration, including asymmetry problems and fiscal concerns.

The success of European monetary integration--called by the editors of this CESifo volume one of the most far-reaching, real world experiments in monetary policy to date--is not assured. Policy makers have been forced to deal with challenges posed by formulating a uniform monetary policy for countries with asymmetric business cycles and economies in different stages of development as well as with the fiscal and financial implications of a unified currency.

The contributors to European Monetary Integration, all prominent economists and scholars, combine theoretical analysis and policy recommendation in their examination of these difficulties. In the first three chapters they consider issues raised by asymmetry problems, including imperfect labor and goods markets, the problem of monetary policy objectives when one size does not fit all, and the possibility of a bias toward smaller countries in the one country, one vote constitutional structure of the European Central Bank. In the last three chapters, they discuss fiscal concerns, including the distribution of seignorage revenues and the interaction of European Central Bank monetary policies and asset price dynamics.

Studii care examineaza provocarile politice pe care le prezinta integrarea monetara europeana, inclusiv problemele de asimetrie si preocuparile fiscale. Succesul integrarii monetare europene - numit de editorii acestui volum CESifo unul dintre cele mai de amploare, experimente din lumea reala in domeniul politicii monetare pana in prezent - nu este asigurat. Factorii de decizie politica au fost nevoiti sa faca fata provocarilor formulate prin formularea unei politici monetare uniforme pentru tarile cu cicluri de afaceri asimetrice si economii in diferite etape de dezvoltare, precum si cu implicatiile fiscale si financiare ale unei monede unificate. toti economisti si savanti de seama, combina analiza teoretica si recomandarea politica in examinarea acestor dificultati.