scholarly journals From European Federalism to the European Union, Insights of Nobel Prize Laureate, Maurice Allais

2021 ◽  
Vol 13 (4) ◽  
pp. 18
Author(s):  
Arnaud DIEMER
Keyword(s):  
Nobel Prize ◽  
Financial Crises ◽  
International Monetary System ◽  
Well Being ◽  
The European Union ◽  
Credit System ◽  
Economic Democracy ◽  
Monetary Reform ◽  
Monetary System ◽  
Nobel Prize Laureate

From 1945 to the end of his life, Maurice Allais, Nobel Prize Laureate in Economics (1988), devoted a large part of his work to the European question. As a staunch Unionist, Allais insisted on the fact that, while the threefold freedom of goods, people and capital was necessary to improve the well-being of individuals, it was also a very ambitious goal. Thus, he argued, it was necessary to promote a European federalism on the basis of a scientific criterion: economic democracy—and via an organized method: competitive planning. However, Allais was aware that political integration had to precede economic integration and that economic efficiency could not be ensured without a single currency. He argued that the introduction of the euro had to be accompanied by real monetary reform (credit system, indexation of future commitments, stock markets, international monetary system) in order to regulate the multiplication of financial crises.

Systemic Conflict and Regional Monetary Integration: The Case of Europe

1998 ◽  
Vol 52 (3) ◽  
pp. 537-573 ◽  
Author(s):  
C. Randall Henning
Keyword(s):  
United States ◽  
Open Economy ◽  
Domestic Politics ◽  
International Monetary System ◽  
The United States ◽  
System Stability ◽  
Monetary Integration ◽  
The European Union ◽  
Monetary Cooperation ◽  
Monetary System

Existing explanations of European monetary integration, emphasizing economic interdependence, issue linkage, institutions, and domestic politics, take a predominantly regional approach. In the international monetary thesis developed here, I argue that U.S. policy disturbances, transmitted through the international monetary system, created compelling incentives for European states to cooperate on exchange-rate and monetary policy. I develop a general theory of macroeconomic power, based on open economy macroeconomics, and show how the exercise of such influence can drive regional monetary integration. This article then tests the international thesis with reference to monetary integration within the European Union by examining four periods in which the United States acted to stabilize the international monetary system and seven episodes in which it disrupted the system. European governments and central banks reduced regional monetary cooperation when the United States supported system stability and strengthened it after each episode of disruption. The evidence thus strongly supports the inference that the link is causal.

Financial Crises: Review of Eichengreen and Tirole

2004 ◽  
Vol 42 (4) ◽  
pp. 1094-1097 ◽  
Author(s):  
Stanley Fischer
Keyword(s):  
Financial Crises ◽  
International Monetary System ◽  
Review Article ◽  
Oxford University ◽  
Princeton University ◽  
Monetary System ◽  
Oxford University Press

This is a review article of two books: Financial Crises and What to Do about Them by Barry Eichengreen (Oxford University Press 2002) and Financial Crises, Liquidity, and the International Monetary System by Jean Tirole (Princeton University Press 2002).

International monetary fund after the financial crises of the 1990s

2001 ◽  
Vol 10 (1) ◽  
Author(s):  
Jiří Jonáš
Keyword(s):  
Financial Crisis ◽  
International Monetary Fund ◽  
Financial Crises ◽  
International Monetary System ◽  
Proper Role ◽  
Monetary System ◽  
Policy Strategies ◽  
The International Monetary Fund ◽  
The Imf

In this article, I would first discuss briefly what we know about the causes of the recent financial crises, and whether the International Monetary Fund (IMF) could have done more to prevent them. I will explain what policy strategies the IMF recommended to resolve these crises, why it recommended these policies, and to what extent is the criticism of these recommendations justified. In the second part, I will discuss the lessons which the IMF has drawn from these crises. I will explain how the experience of recent years has changed the thinking about the proper role of the IMF in supporting stable international monetary system. I will focus on two broad areas of changes in the activity of the IMF. First, on measures that are being taken to make the repetition of financial crises less likely; second, on measures to be applied if the prevention fails and if a financial crisis strikes again.

Complementary currency as an instrument for economic development in the western Balkans

SEER ◽  
2020 ◽  
Vol 23 (1) ◽  
pp. 77-90
Author(s):  
Ela Golemi ◽  
Klodian Muço
Keyword(s):  
Economic Integration ◽  
Regional Integration ◽  
International Monetary System ◽  
Structural Reforms ◽  
The European Union ◽  
Western Balkans ◽  
Monetary System ◽  
Priority Task ◽  
The Common ◽  
Complementary Currency

Regional economic integration is regarded as a priority task for western Balkans countries in order to prepare them for integration into the European Union. Given the under-performance between these countries in terms of trade, we propose the creation of a complementary supranational currency that would serve the common market of the western Balkans and also intensify trade exchanges between them. We support the idea that structural reforms and the technical provisions proposed in this adopted Keynes Plan may, at least in principle, provide the necessary solutions to avoid imbalances between the countries; serve as an incentive to intensify trade exchanges; and curb inflationary and deflationary pressures in the joint western Balkans market. Our research makes a solid contribution to the debate on international monetary systems. We believe that a complementary currency would make regional integration more effective within the western Balkans but, furthermore, would also call into question the international monetary system were it to be as effective in practice as we think it would be.

Sterling, International Monetary Reform and Britain's Applications to Join the European Economic Community in the 1960s

2002 ◽  
Vol 11 (3) ◽  
pp. 345-369 ◽  
Author(s):  
Catherine Schenk
Keyword(s):  
Ad Hoc ◽  
European Economic Community ◽  
International Monetary System ◽  
International Community ◽  
Economic Community ◽  
Monetary Reform ◽  
European Economic ◽  
Monetary System ◽  
Gradual Process ◽  
The 1960S

Throughout the 1960s the international monetary system crumbled in a gradual process which was punctuated by a series of crises. The international community proposed, debated and ultimately procrastinated over major reforms, and opted instead for ad hoc ‘plumbing’ solutions such as the Gold Pool and bilateral currency swaps. While this turmoil unfolded, Britain made repeated attempts to join the European Economic Community. This article shows that while monetary issues were not as often publicly discussed, they were a crucial factor in the negotiations for British membership. It also aims to bring together the discussions on the reform of the international monetary system in the 1960s with those on the enlargement of the EC.

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