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The Euro

Details

  • 134 b/w illus. 80 tables
  • Page extent: 1048 pages
  • Size: 228 x 152 mm
  • Weight: 1.7 kg

Library of Congress

  • Dewey number: 332.494
  • Dewey version: 22
  • LC Classification: HC241 .E745 2010
  • LC Subject headings:
    • Eurozone
    • Europe--Economic integration
    • Europe--Economic conditions--1945-

Library of Congress Record

Hardback

 (ISBN-13: 9789279098420)

The Euro
Cambridge University Press
9789279098420 - The Euro - The First Decade - Edited by Marco Buti,, Servaas Deroose,, Vítor Gaspar and João Nogueira Martins
Frontmatter/Prelims

The Euro

On 1 January 1999 eleven EU Member States adopted a new currency – the euro. The introduction of the euro was a remarkable feat in the history of European monetary, financial, economic and political integration. It was an event of worldwide significance. Despite much criticism and predictions that it would quickly collapse, the first decade of the euro has been a remarkable success. The euro area has now expanded to sixteen members with a combined population of 326 million and contributes 16 per cent of global output. This book is the first to provide a wide-ranging strategic review of the first decade of the euro. Written by an impressive line-up of academic and professional economists, The Euro: The First Decade is an invaluable reference for scholars and policy makers who wish to know more about the successes and failures of the euro and the challenges that lie ahead.

Marco Buti is Director-General of the Directorate-General for Economic and Financial Affairs at the European Commission.

Servaas Deroose is Director for the Macroeconomy of the Euro Area and the Union in the Directorate-General of Economic and Financial Affairs at the European Commission.

Vítor Gaspar is Acting Director-General of the Bureau of European Policy Advisers at the European Commission.

João Nogueira Martins is an economic adviser to the Director-General of the Directorate-General for Economic and Financial Affairs at the European Commission.


The Euro

The First Decade

Edited by

Marco Buti,, Servaas Deroose,, Vítor Gaspar and João Nogueira Martins


CAMBRIDGE UNIVERSITY PRESS
Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore, São Paulo, Delhi, Dubai, Tokyo

Cambridge University Press
The Edinburgh Building, Cambridge CB2 8RU, UK

Published in the United States of America by Cambridge University Press, New York

www.cambridge.org
Information on this title: www.cambridge.org/9789279098420

© European Communities 2010

This publication is in copyright. Subject to statutory exception and to the provisions of relevant collective licensing agreements, no reproduction of any part may take place without the written permission of Cambridge University Press.

First published 2010

Printed in the United Kingdom at the University Press, Cambridge

A catalogue record for this publication is available from the British Library

ISBN 978-9-279-09842-0 Hardback

Cambridge University Press has no responsibility for the persistence or accuracy of URLs for external or third-party Internet websites referred to in this publication, and does not guarantee that any content on such websites is, or will remain, accurate or appropriate.

The information and views set out in this book are those of the authors and do not necessarily reflect those of the Commission of the European Communities.


To Klaus Regling


Contents

List of figures
xi
List of tables
xvii
List of boxes
xx
List of contributors
xxi
Foreword
by Joaquín Almunia
xxvii
Acknowledgements
xxxi
Chapter 1 The euro: the first decade and beyond
Marco Buti, Servaas Deroose, Vítor Gaspar and João Nogueira Martins
1
Part I    Historical perspective
35
Chapter 2 A long-term perspective on the euro
Michael Bordo and Harold James
37
Chapter 3 Sui generis EMU
Barry Eichengreen
72
Comment 1 Comment on Chapters 2 and 3
Niels Thygesen
102
Part II   OCA theory revisited
113
Chapter 4 The OCA theory and the path to EMU
Francesco Paolo Mongelli
115
Chapter 5 A modern reconsideration of the OCA theory
Giancarlo Corsetti
143
Comment 2 Comment on Chapters 4 and 5
Peter Hoeller
181
Part III  Monetary policy
191
Chapter 6 ECB credibility and transparency
Petra Geraats
193
Chapter 7 Some observations on the ECB’s monetary policy
Manfred J. M. Neumann
230
Comment 3 Comment on Chapters 6 and 7
Frank Smets
259
Part IV   Financial markets
281
Chapter 8 The ECB and the bond market
Carlo Favero and Francesco Giavazzi
283
Comment 4 Comment on Chapter 8
Domenico Giannone, Michele Lenza and Lucrezia Reichlin
305
Chapter 9 Financial market integration under EMU
Tullio Jappelli and Marco Pagano
315
Comment 5 Comment on Chapter 9
Simon Hayes
354
Chapter 10The international role of the euro: a status report
Elias Papaioannou and Richard Portes
360
Comment 6 Comment on Chapter 10
André Sapir
408
Part V    Fiscal policy
413
Chapter 11EMU’s decentralized system of fiscal policy
Jürgen von Hagen and Charles Wyplosz
415
Comment 7 Comment on Chapter 11
Martin Larch and Lucio Pench
445
Chapter 12Government size and output volatility: should we forsake automatic stabilization?
Xavier Debrun, Jean Pisani-Ferry and André Sapir
451
Comment 8 Comment on Chapter 12
Gilles Saint-Paul
507
Chapter 13Fiscal policy, intercountry adjustment and the real exchange rate within Europe
Christopher Allsopp and David Vines
511
Comment 9 Comment on Chapter 13
Robert Kollmann
552
Chapter 14Taxation policy in EMU
Julian Alworth and Giampaolo Arachi
557
Comment 10Comment on Chapter 14
Casper van Ewijk
597
Part VI   Growth, trade and volatility
605
Chapter 15The impact of EMU on growth in Europe
Ray Barrell, Dawn Holland, Iana Liadze and Olga Pomerantz
607
Comment 11Comment on Chapter 15
Jörg Decressin and Emil Stavrev
638
Chapter 16The impact of the euro on international stability and volatility
Stefan Gerlach and Mathias Hoffmann
648
Comment 12Comment on Chapter 16
Philipp Hartmann
670
Chapter 17The euro’s impact on trade and foreign direct investment
Richard Baldwin
678
Comment 13Comment on Chapter 17
Karl Pichelmann
710
Part VII  Structural reforms
713
Chapter 18Labor markets in EMU: what has changed and what needs to change
Giuseppe Bertola
715
Chapter 19How product market reforms lubricate shock adjustment in the euro area
Jacques Pelkmans, Lourdes Acedo Montoya and Alessandro Maravalle
759
Comment 14Comment on Chapters 18 and 19
Gert Jan Koopman
809
Part VIII Enlargement and governance
821
Chapter 20Euro-area enlargement and euro adoption strategies
Zsolt Darvas and György Szapáry
823
Chapter 21Economic governance in an enlarged euro area
Iain Begg
870
Comment 15Comment on Chapters 20 and 21
Jean Pisani-Ferry
901
References
911
Index
981



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