EMU - A Swedish Perspective

Online-Ressource (XIV, 365 p)

online resource

1 Introduction1.1 The aim of the book -- 1.2 The structure of the book -- 2 The Emu Project -- 2.1 Economic and monetary co-operation in Europe in a historical perspective -- 2.2 The Maastricht Treaty: objectives, timetable, and convergence criteria -- 2.3 The role and organisation of the European Central Bank -- 2.4 Other central EU institutions and bodies -- 2.5 The reference scenario - a detailed plan for the transition to the monetary union -- 3 Currencies and Exchange-Rate Systems - A Background -- 3.1 The role of a national currency -- 3.2 Exchange-rate systems -- 3.3 Experiences of different exchange-rate systems -- 3.4 Conclusions -- 4 The Emu and Social Efficiency -- 4.1 Reduced transaction costs -- 4.2 Exchange-rate fluctuations and effects on foreign trade, foreign direct investment, and interest rates -- 4.3 Effects on competition -- 4.4 Effects of lower inflation -- 4.5 Effects on seigniorage -- 4.6 Conclusions -- 5 Macroeconomic Disturbances and Monetary Policy -- 5.1 Monetary policy in an open economy -- 5.2 Exchange-rate policy and the effects of macroeconomic disturbances -- 5.3 What constitutes a suitable currency area? -- 5.4 Do floating exchange rates have destabilising effects? -- 5.5 Conclusions -- 6 Inflation and the Credibility of Monetary Policy -- 6.1 The basic inflation and credibility problem -- 6.2 Methods for dealing with the credibility problem -- 6.3 The monetary union, the credibility problem and inflation -- 6.4 Sweden’s ability to handle the credibility problem independently and the position of the Riksbank -- 6.5 Conclusions -- 7 Fiscal Policy and the Emu -- 7.1 The development of public finances -- 7.2 The Maastricht Treaty and fiscal policy -- 7.3 The arguments for fiscal policy rules -- 7.4 The scope for stabilisation policy -- 7.5 Does the monetary union involve further demands for fiscal policy integration? -- 7.6 Conclusions -- 8 The Labour Market and the Monetary Union -- 8.1 Equilibrium unemployment, long-term unemployment, and economic policy -- 8.2 Macroeconomic disturbances and the need for labour-market adjustment -- 8.3 Nominal wage and price rigidities -- 8.4 Labour mobility -- 8.5 A strategy to combat unemployment in Sweden -- 8.6 A common European policy against unemployment? -- 8.7 Summary -- Appendix: The effect of a change in relative labour costs on exports and imports - a rough estimate -- 9 The Emu as a Political Project -- 9.1 Economic and political integration: the continental model -- 9.2 The EMU’s role in European integration -- 9.3 The EU as a negotiating system -- 9.4 Franco-German co-operation -- 9.5 The formation of the EMU: the negotiations 1988-91 -- 9.6 The EMU and differentiated integration -- 9.7 Political risks associated with the EMU -- 9.8 Summary and conclusions -- 10 The Emu, Democracy, and Sweden’s International Influence -- 10.1 Democratic control and accountability -- 10.2 The EMU and the moulding of political opinion -- 10.3 The EMU and Sweden’s foreign-policy relations -- 10.4 Conclusions -- 11 Transition Problems -- 11.1 The Maastricht Treaty’s decision-making procedure and convergence criteria -- 11.2 The appropriateness of the convergence criteria -- 11.3 Economic conditions for a monetary union in 1999 -- 11.4 Political conditions for a monetary union in 1999 -- 11.5 An overall assessment of the conditions for a monetary union in 1999 -- 11.6 Other transition problems -- 11.7 Conclusions -- 12 Exchange-Rate Arrangements between Participants in the Monetary Union and Non-Participants -- 12.1 The future ERM system -- 12.2 Advantages and disadvantages of a new ERM system -- 12.3 Alternative exchange-rate arrangements -- 12.4 Conclusions -- 13 Summary and Conclusions -- 13.1 Social efficiency aspects -- 13.2 Stabilisation-policy arguments -- 13.3 Political aspects -- 13.4 Conclusions about the EMU project as a whole -- 13.5 Conclusions about Sweden’s participation in the monetary union -- 13.6 Critical factors -- Statement of Dissenting Opinion by Nils Gottfries -- References.

10.1007/978-1-4615-6183-5 [DOI]

ECONIS - Online Catalogue of the ZBW