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The External Dimension of EMU

Published online by Cambridge University Press:  17 August 2016

Charles Goodhart
Charles Goodhart*
Affiliation:
London School of Economics and Political Science
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Summary

This paper is divided into three main sections. The first considers the implications of the Maastricht treaty for the external economic dimension, concentrating mainly on the inter-relationships between, and allocations of responsibility for, the decisions within the EC on the main policy issues, monetary policy, the exchange rate regime and fiscal policy. The second section considers the non-strategic external economic implications of EMU and the move to a single currency, the Ecu, issues such as the effects on trade finance, reserves, seigniorage and the net external demand for Ecu assets. The third section discusses how the establishment of EMU may affect the workings of the world economy, the exchange rate regime and coordination, such as it may be, among the main players.

Résumé

Résumé

Cet article est divisé en trois parties principales. La première considère les implications du traité de Maastricht pour la dimension économique externe. Elle développe surtout les aspects décisionnels à l’intérieur de la Communauté concernant l’allocation des responsabilités sur la politique monétaire, les taux de change et la politique fiscale. La deuxième partie traite des aspects externes non-stratégiques dé l’UME et de la monnaie unique tels que les effets sur les échanges commerciaux, les flux financiers, les réserves bancaires, la création de monnaie et la demande externe nette d’actifs en Ecu. La troisième partie traite des effets de l’UME sur l’économie mondiale, le régime des taux de change et la coordination entre les partenaires internationaux.

Keywords

325423432325423432
Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 59 , Issue 1-2: Monetary Integration in Europe , 1993 , pp. 65 - 80
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 1993 

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References

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