Synopses & Reviews
The move toward economic and monetary union is the most important issue facing the European nations today. From his work as Deputy Director General of the Banca d'Italia, the author assesses the opportunities and risks involved in monetary unification, and provides an indispensable guide to the complex issues and tangled recent history. He discusses extensively the creation of a single currency, the tasks of a European central bank, the ECU, the role of budgetary rules, currency competition, and the relationship between monetary union and political union. Lucidly written and completely up-to-date, the book is an insider's guide to this important political and economic subject.
Review
"This book collects essays on European monetary developments that were written between 1982 and 1992, capped with an introduction that provides a superb overview of European monetary integration."--
Foreign AffairsSynopsis
This is an indispensable guide to the processes that led to the creation of the European single market and the signing of the Maastricht Treaty. The new edition has been expanded to assess the economic, monetary, political, and institutional significance of the euro. It also reconsiders the rationale and underlying philosophy of EMU in the light of the developments of the past decade.
Description
Includes bibliographical references (p. [255]-262) and index.
About the Author
Tommaso Padoa-Schioppa is a member of the Executive Board of the European Central Bank. Previously he was affiliated to the Bank of Italy and the European Commission, and was Secretary of the Delors Committee.
Table of Contents
Introduction: What Went Right? The Emperor, the Kings, and the Genies
1. Rules and Institutions in Multi-Country Economies
2. Capital Mobility: Why is the Treaty not Implemented?
3. Lessons from the European Monetary System
4. The ECU's Coming of Age
5. After the Single European Act: Efficiency, Stability, and Equity
6. The EMS is not Enough: The Need for Monetary Union
7. The Delors Report: From Intentions to Action
8. Monetary Union and Competition
9. Fiscal Compatibility and Monetary Constitution
10. Monetary Union and Political Union
11. On the Eve of Maastricht
12. After the Storm