scholarly journals L'accord monétaire de Maastricht et ses implications de politiques économiques

2005 ◽  
Vol 24 (2) ◽  
pp. 355-383
Author(s):  
Emmanuel Nyahoho
Keyword(s):  
International Monetary System ◽  
Federal Budget ◽  
Monetary Integration ◽  
Fiscal Policies ◽  
Single Currency ◽  
Monetary System ◽  
Commercial Markets ◽  
History Of ◽  
The Stability ◽  
Coordination Policy

The precised calendar of Maastricht treaty for setting up the european System of central banks (ESCB) and the european central bank (ECB) with a single currency can merely be explained by the concern of the member countries of having such a monetary integration before the end of the century. There's every chance that ESCB be formed with limited number of countries, namely: France, Germany, Luxembourg, Netherlands. If the objectives of price controls and non monetisation of debt assigned to ESCB are unequivocal, the responsability of fixing the parity of écu vis-à-vis third currencies which belongs to the Council and the Parliament might deprive the ESCB of full scope in conducting monetary policy. In regard to fiscal policies, the coexistence of budgets of various natures and the conjonctural stabilizations programs in prospect render difficult any computation on future coordination policy or federal budget. Finally, ecu once in place as a single currency could extend beyond the communities, but its acceptance on financial and commercial markets beside the dollar and the yen is scarcely predictable. This tendancy toward currencies zone, thus repeating history of the years thirties, does not constitute any guaranty for the stability of international monetary System which would require a kind of multilateral surveillance.

scholarly journals Le système monétaire européen : Le point de vue européen

2005 ◽  
Vol 12 (3) ◽  
pp. 533-547 ◽  
Author(s):  
Michel Lelart
Keyword(s):  
Interest Rates ◽  
International Monetary System ◽  
European Monetary System ◽  
The United States ◽  
European Monetary ◽  
International Capital Markets ◽  
Monetary System ◽  
American Interest ◽  
International Environment ◽  
The Stability

The evolution of the international monetary System prompted the nine members of the E.E.C. to establish a European Monetary System. The new statutes of the I.M.F. have in fact legalized the practice of flexible exchange rates and sanctioned the dollar's inconvertibility while eliminating the role of gold. Further, the increasing importance of the international capital markets fosters the unlimited expansion of international liquidities. it is in response to this context then that Europe seeks to create a zone of stability and to manage its own international tender in accordance with rules that it has set for itself. The author draws a positive conclusion as the System has operated without major problems so far. Nevertheless, difficulties remain: the international environment has not improved given the abrupt strengthening of the dollar and the increase in American interest rates. In addition, progress with regard to cooperation among the Nine remains slow and political change in France makes any prognosis respecting the future of the European Monetary System difficult. It was anticipated that the System would be Consolidated rapidly. It would in that event contribute more effectively to the stability of the international monetary System. It could, on the other hand, sharpen competition between Europe and the United States, between the Ecu and S.D.Rs. and between the European Monetary Fund and the International Monetary Fund.

Governing by Rules and Ruling by Numbers in the Eurozone Crisis

2020 ◽  
pp. 87-116
Author(s):  
Vivien A. Schmidt
Keyword(s):  
European Monetary Union ◽  
Political Legitimacy ◽  
Monetary Integration ◽  
Banking Union ◽  
Eurozone Crisis ◽  
Policy Responses ◽  
Growth Pact ◽  
History Of ◽  
Run Up ◽  
The Stability

Chapter 4 provides an overview of the Eurozone crisis, to serve as a background for the subsequent four chapters which discuss in turn each of the four EU actors’ particular pathways to legitimacy, including their sources of power and grounds for throughput legitimacy, along with the Janus-faced public perceptions of their Eurozone governance. The chapter begins with a brief review of the history of European Monetary Union (EMU), describing the trials and tribulations in the run-up to the Maastricht Treaty and member states’ very different ideas and discourse related to monetary integration, as illustrated by the differences in German, French, and Italian views. It then considers what happened at the time of the introduction of the single currency. The chapter follows with the initial responses to the Eurozone crisis during its fast-burning phase, characterized by a doubling down on the rules of the Stability and Growth Pact. It elaborates on the trials and tribulations at the inception of the crisis, on EU actors’ initial actions and reactions, and on institutional innovations such as banking union. It also provides further details on legislation and treaty agreements, as well as on the ideas underpinning the policy responses. The chapter ends by considering the benefits and drawbacks of EU actors’ subsequent reinterpretation of the rules by stealth during the Eurozone crisis’ slow-burning phase, arguing that although rules reinterpretation may have improved policy responses (output), not admitting this raised questions of accountability and transparency (throughput), while failing to address problems of political legitimacy (input).

Book Review: Transnational Monopoly Capitalism

1989 ◽  
Vol 3 (1) ◽  
pp. 69-71
Author(s):  
F.V. Meyer
Keyword(s):  
International Monetary System ◽  
Common Market ◽  
Trade Theory ◽  
Sixth Edition ◽  
Monetary System ◽  
The Common ◽  
The Stability

Transnational Monopoly Capitalism: Keith Cowling and Roger Sugden; Wheatsheaf Books Ltd, Brighton, 1987, pp. 178, ISBN 0-7450-0191-2 (cloth) £22.50 and 0-7450-0267-6 (Pbk) £8.95. Trade Theory and Policy: Ali M. El-Agraa; Macmillan Press, London, 1984, pp. 118, ISBN 0-333-36020-6, £33.00. The Stability of the International Monetary System: W.M. Scammell; Macmillan Education Ltd., London, 1987, pp. 162, ISBN 0-333-38577-2 (hardcover) £20.00 and 0-333-38578-0 (Pbk) £6.95. The Economics of the Common Market, Sixth Edition: Dennis Swann; Pelican Books, London, 1988, pp. 326, ISBN 0-14-022781-4, £6.95.

Bilateral Surveillance Guidance Note

Policy Papers ◽  
2010 ◽  
Vol 2010 (112) ◽  
Author(s):  
Keyword(s):  
Continuous Monitoring ◽  
International Monetary System ◽  
Executive Board ◽  
Financial Policies ◽  
Monetary System ◽  
Guidance Note ◽  
Review Mechanism ◽  
The Stability ◽  
Policy Adjustments ◽  
Core Activity

This note provides guidance to staff on the conduct of bilateral surveillance, a core activity of the Fund. Surveillance involves the continuous monitoring of members’ economic and financial policies, and regular Article IV consultations. During these consultations, staff holds pointed discussions with country authorities on the economic situation, the authorities’ policies, and desirable policy adjustments. These discussions are then reported to the Fund’s Executive Board for its consideration. The goal is, through thorough analysis, candid discussions, and a peer-review mechanism, to promote the domestic and external stability of members’ economies and thereby the stability of the international monetary system as a whole.

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.

scholarly journals EVOLUTION AND CONTEMPORARY TRENDS OF THE INTERNATIONAL MONETARY SYSTEM

2018 ◽  
Vol 1 (16) ◽  
pp. 23
Author(s):  
Branka Topić-Pavković
Keyword(s):  
International Economic ◽  
International Monetary System ◽  
Research Paper ◽  
Sustainable Growth ◽  
Monetary Integration ◽  
International Exchange ◽  
International Liquidity ◽  
Economic Relations ◽  
Monetary System ◽  
International Economic Relations

The growth dynamics of international exchange and capital flows is conditioned by the efficiency of the international monetary system whose basic task is to provide for international liquidity and smooth international payments. The tendencies in international economic relations in the time of globalisation have determined further directions for the development of the international monetary system. The breakup of the Bretton-Woods System initiated  the establishment of a new European monetary system with the aim to stabilise the exchange rates and  improve further process of integration and international economic relations. In this research paper we have pointed out to the  fact  that economic interdependence of souvereign countries leads to coordination of macroeconomic policies, and that it  can motivate  monetary integration within the monetary policy. The objective of this research paper is to emphasize the stability of the international monetary system as a prerequisite for sustainable growth of national economies and monetary union. The contemporary international monetary system is characterised by the trend of reduced number of national currencies, as this is  a  logical conseqence of increasing European integrations, but also beacuase of significant economic advanatages. Simultaneously, the costs of the euro changeover and introduction of a common currency are lower if economic performances of member countries mutualy converge.

Anti-Money Laundering and Combating the Financing of Terrorism - Inclusion in Surveillance and Financial Stability Assessments - Guidance Note

Policy Papers ◽  
2012 ◽  
Vol 2012 (104) ◽  
Author(s):  
Keyword(s):  
Money Laundering ◽  
Financial Stability ◽  
International Monetary System ◽  
Balance Of Payments ◽  
Terrorist Financing ◽  
Monetary System ◽  
Guidance Note ◽  
Effective Operation ◽  
Financing Of Terrorism ◽  
The Stability

This note provides guidance on the inclusion of AML/CFT issues in surveillance and financial stability assessments (FSAs). Specifically, it provides a framework for the treatment of cases where money laundering or terrorist financing (ML/TF) and related underlying crimes (i.e., “predicate crimes” or “predicate offenses”) are so serious as to threaten domestic stability, balance of payments stability, the effective operation of the International Monetary System—IMS— (in the case of Article IV surveillance), or the stability of the domestic financial system (in the case of FSAs).

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