By Lars Calmfors, Harry Flam, Nils Gottfries, Janne Haaland Matlary, Magnus Jerneck, Rutger Lindahl, Christina Nordh Berntsson, Ewa Rabinowitz, A. Vredin
EMU - A Swedish Perspective offers a entire and updated survey of the EMU undertaking. the most merits and downsides of a unmarried foreign money are evaluated. A key characteristic of the research is the try to combine monetary and political elements. The booklet is a revised model of the file by way of the Swedish executive fee at the EMU. even though the research makes a speciality of the results for Sweden of becoming a member of as opposed to now not becoming a member of the financial union, it's hugely correct for the dialogue in all ecu international locations.
The e-book offers an in-depth research of ways the calls for on fiscal coverage should be stricken by the financial union. a variety of chapters talk about financial coverage and inflation, monetary coverage, unemployment and labour markets, the transition to financial union, and the exchange-rate preparations among contributors and non-participants. different chapters examine the significance of the EMU for eu political integration, democratic elements, and the way club within the financial union will impact the probabilities for anyone member nation to exert impact in the ecu.
EMU - A Swedish Perspective may be of curiosity to specialist economists and political scientists, scholars, and all others who are looking to shape an opinion in regards to the financial union at the foundation of a balanced review of the implications. EMU - A Swedish Perspective presents a finished and updated survey of the EMU undertaking. the most benefits and downsides of a unmarried forex are evaluated. A key characteristic of the research is the try and combine fiscal and political elements. The e-book is a revised model of the record by way of the Swedish executive fee at the EMU. even if the research makes a speciality of the results for Sweden of becoming a member of as opposed to now not becoming a member of the financial union, it's hugely appropriate for the dialogue in all ecu countries.
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Additional info for EMU — A Swedish Perspective
1 shows statistical data for three macroeconomic variables during the goldstandard period (1880-1914), during the Bretton-Woods period with convertibility 12 Bank for International Settlements (1996). , Eichengreen ( 1994). Sec also McKinnon ( 1997). 14 See also Bordo & lonung (1997). 35 Currencies and exchange-rate systems - a background (1959-1971), and during the following period with a combination of floating and fixed exchange rates (1973-1994). S. The table shows averages for the countries as a group and a measure of the variation during each period for inflation, long-term nominal interest rates, and growth in GDP per capita.
The exchange rate is floating, but the central banks buy and sell currencies as a means of influencing the rates. The aim may be to improve the international competitiveness or to achieve a given inflation target. Since 1985, the leading industrial nations have attempted on several occasions to take joint action to correct what have been perceived to be underor overvalued real exchange rates. S. when the economy began to come under pressure from a highly valued dollar in the middle of the 1980s.
For example, when prices, including those of non-monetary gold (gold used for purposes other than minting coins), rose in a country, it became profitable for the public to sell notes and coins to the central bank in return for gold, and then sell the gold in the open market. Consequently, the quantity of money declined, and the price of gold and other prices fell again. Some countries went off the gold standard temporarily, and borrowed from the central bank, normally to pay for the cost of a war.