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EMU : A Swedish Perspective :  A Swedish Perspective - Lars Calmfors

EMU : A Swedish Perspective

A Swedish Perspective

Hardcover

Published: December 2009
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EMU - A Swedish Perspective provides a comprehensive and up-to-date survey of the EMU project. The main advantages and disadvantages of a single currency are evaluated. A key feature of the analysis is the attempt to integrate economic and political aspects. The book is a revised version of the report by the Swedish Government Commission on the EMU. Although the analysis focuses on the consequences for Sweden of joining versus not joining the monetary union, it is highly relevant for the discussion in all EU countries. The book provides an in-depth analysis of how the demands on economic policy will be affected by the monetary union. Various chapters discuss monetary policy and inflation, fiscal policy, unemployment and labour markets, the transition to monetary union, and the exchange-rate arrangements between participants and non-participants. Other chapters analyse the importance of the EMU for European political integration, democratic aspects, and how membership in the monetary union will affect the possibilities for an individual member state to exert influence within the EU. EMU - A Swedish Perspective should be of interest to professional economists and political scientists, students, and all others who want to form an opinion about the monetary union on the basis of a balanced assessment of the consequences. EMU - A Swedish Perspective provides a comprehensive and up-to-date survey of the EMU project. The main advantages and disadvantages of a single currency are evaluated. A key feature of the analysis is the attempt to integrate economic and political aspects. The book is a revised version of the report by the Swedish Government Commission on the EMU. Although the analysis focuses on the consequences for Sweden of joining versus not joining the monetary union, it is highly relevant for the discussion in all EU countries.

Introductionp. 1
The aim of the bookp. 1
The structure of the bookp. 2
The Emu Projectp. 7
Economic and monetary co-operation in Europe in a historical perspectivep. 7
The Maastricht Treaty: objectives, timetable, and convergence criteriap. 10
The role and organisation of the European Central Bankp. 13
Other central EU institutions and bodiesp. 15
The reference scenario - a detailed plan for the transition to the monetary unionp. 17
Currencies and Exchange-Rate Systems - A Backgroundp. 19
The role of a national currencyp. 19
Exchange-rate systemsp. 27
Experiences of different exchange-rate systemsp. 30
Conclusionsp. 38
The Emu and Social Efficiencyp. 41
Reduced transaction costsp. 41
Exchange-rate fluctuations and effects on foreign trade, foreign direct investment, and interest ratesp. 46
Effects on competitionp. 54
Effects of lower inflationp. 56
Effects on seignioragep. 58
Conclusionsp. 59
Macroeconomic Disturbances and Monetary Policyp. 61
Monetary policy in an open economyp. 61
Exchange-rate policy and the effects of macroeconomic disturbancesp. 65
What constitutes a suitable currency area?p. 69
Do floating exchange rates have destabilising effects?p. 78
Conclusionsp. 86
Inflation and the Credibility of Monetary Policyp. 87
The basic inflation and credibility problemp. 88
Methods for dealing with the credibility problemp. 92
The monetary union, the credibility problem and inflationp. 99
Sweden's ability to handle the credibility problem independently and the position of the Riksbankp. 105
Conclusionsp. 111
Fiscal Policy and the EMUp. 113
The development of public financesp. 113
The Maastricht Treaty and fiscal policyp. 121
The arguments for fiscal policy rulesp. 126
The scope for stabilisation policyp. 137
Does the monetary union involve further demands for fiscal policy integration?p. 146
Conclusionsp. 151
The Labour Market and the Monetary Unionp. 153
Equilibrium unemployment, long-term unemployment, and economic policyp. 155
Macroeconomic disturbances and the need for labour-market adjustmentp. 157
Nominal wage and price rigiditiesp. 161
Labour mobilityp. 171
A strategy to combat unemployment in Swedenp. 173
A common European policy against unemployment?p. 184
Summaryp. 186
The effect of a change in relative labour costs on exports and imports - a rough estimatep. 189
The EMU as a Political Projectp. 193
Economic and political integration: the continental modelp. 193
The EMU's role in European integrationp. 194
The EU as a negotiating systemp. 196
Franco-German co-operationp. 198
The formation of the EMU: the negotiations 1988-91p. 200
The EMU and differentiated integrationp. 205
Political risks associated with the EMUp. 208
Summary and conclusionsp. 210
The EMU, Democracy, and Sweden's International Influencep. 213
Democratic control and accountabilityp. 213
The EMU and the moulding of political opinionp. 222
The EMU and Sweden's foreign-policy relationsp. 227
Conclusionsp. 244
Transition Problemsp. 247
The Maastricht Treaty's decision-making procedure and convergence criteriap. 248
The appropriateness of the convergence criteriap. 252
Economic conditions for a monetary union in 1999p. 256
Political conditions for a monetary union in 1999p. 261
An overall assessment of the conditions for a monetary union in 1999p. 266
Other transition problemsp. 268
Conclusionsp. 273
Exchange-Rate Arrangements Between Participants in the Monetary Union and Nonparticipantsp. 275
The future ERM systemp. 275
Advantages and disadvantages of a new ERM systemp. 280
Alternative exchange-rate arrangementsp. 295
Conclusionsp. 302
Summary and Conclusionsp. 305
Social efficiency aspectsp. 306
Stabilisation-policy argumentsp. 312
Political aspectsp. 323
Conclusions about the EMU project as a wholep. 332
Conclusions about Sweden's participation in the monetary unionp. 334
Critical factorsp. 336
Statement of Dissenting Opinion by Nils Gottfriesp. 341
Referencesp. 345
Subject Indexp. 363
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780792399902
ISBN-10: 0792399900
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 365
Published: December 2009
Publisher: Springer
Country of Publication: NL
Dimensions (cm): 23.5 x 15.5  x 3.18
Weight (kg): 1.57