European Responses to Globalization and Financial Market by A. Verdun

By A. Verdun

This ebook investigates the perceptions of political actors in the direction of the construction of financial and fiscal Union (EMU) in Europe. The study is essentially in line with own interviews performed with key informants in relevant banks, finance ministries, employers' companies and exchange unions in Britain, France and Germany. It examines why actors perceived EMU to serve or frustrate their pursuits. It concludes that actors favoured EMU for a number of purposes. The e-book contributes to the literature of ecu integration and contains monetary, political and ancient facts.

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Extra info for European Responses to Globalization and Financial Market Integration: Perceptions of Economic and Monetary Union in Britain, France and Germany

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Two other instruments, seignorage and monetary financing, are also lost, but are considered to be of lesser importance. The former refers to money creation which generates revenue due to the fact that central bank liabilities are mostly non-interest bearing. The abandonment of the latter, financing by printing money, is consistent with aiming for price stability. As monetary financing of the national budget creates inflation, it is considered an undesirable policy option, under the EMS arrangement.

He observes that a feature of the Rome Treaties is that ‘a state pledges itself to take measures as yet unknown provided they are decided by a certain procedure …’ (Kitzinger, 1963: 60, emphasis in the original). He then states: ‘Supranationality only starts to come into play when a state agrees that it is willing to carry out decisions to which it is itself opposed. Most obviously, such a situation arises when it has agreed to be outvoted if necessary by other states – either by a simple or by some weighted or qualified majority.

The idea that a trade-off exists between inflation and employment had been abandoned. Aiming for low inflation had become considered the best policy option. With respect to the benefits of trade, it was assumed that fixed exchange rates provided more security, hence, again a lower risk premium, and thus producing more economic growth. Economic and Political Theories of Integration 23 Benefits of EMU What are considered to be the benefits of EMU? Many benefits refer to the full exploitation of the benefits derived from a larger European Single Market – more internal competition and increasing economies of scale.

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