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Topic: Economic and monetary union

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	MSN Encarta - Economic and Monetary Union
		Economic and Monetary Union (EMU), process of establishing a single currency and a single monetary authority in the European Union (EU).
		The European Monetary System (EMS) and the Exchange Rate Mechanism (ERM) were established in 1979, but they were not closely related to the EMU proposal since they envisaged, at least initially, frequent readjustments of exchange rates.
		Monetary union proposals were revived in 1988 and moved forward rapidly.
	uk.encarta.msn.com /encyclopedia_781530385/Economic_and_Monetary_Union.html (970 words)

	Economic and Monetary Union - Wikipedia, the free encyclopedia
		In economics, a monetary union is a situation where several countries have agreed to share a single currency among them.
		The 10 new countries that acceded to the European Union in 2004 all intend to join third stage of the EMU in the next ten years, though the precise timing depends on various economic factors.
		The European Monetary Institute is established as the forerunner of the European Central Bank, with the task of strengthening monetary cooperation between the member states and their national banks, as well as supervising ECU banknotes.
	en.wikipedia.org /wiki/European_Monetary_Union (692 words)

	Encyclopedia: Economic and Monetary Union
		An economic and monetary union is a single market with a common currency.
		The Latin Monetary Union (1865-1927) was a 19th century attempt to unify several European currencies into a single currency that could be used in all the member states, at a time when most national currencies were still made out of gold and silver.
		EMU is established through a currency-related trade pact.
	www.nationmaster.com /encyclopedia/Economic-and-Monetary-Union (907 words)

	The IMF & the European Economic and Monetary Union - Factsheet
		The IMF and the European Economic and Monetary Union
		In May 1998, the Council of the European Union, meeting at the level of the heads of state or government, announced that the 11 countries that had indicated their intent to be among the initial members—Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain—had qualified to participate in EMU.
		EMU is largely driven by the expectation of a number of economic benefits, including lower transaction costs, reduced exchange risk, greater competition, and a broadening and deepening of European financial markets.
	www.imf.org /external/np/exr/facts/emu.htm (1291 words)

	Economic and Monetary Union (Site not responding. Last check: 2007-10-08)
		It is a fundamental political event, a decisive stage in the economic integration of Europe, and a drastic change in the drawing-up and implementation of public policies.
		The EMU has strengthened single market benefits deriving from the creation of a sufficiently wide market as to allow various products to profit from associated economies that are undergoing an increase in competitiveness because of the elimination of trade barriers in Europe.
		In the United States, the currency and economic union was achieved one hundred and fifty years after the declaration of independence and not the other way around.
	www.columbia.edu /cu/sipa/regional/we/Turchi.html (1938 words)

	Elusive Union: The Process of Economic and Monetary Union in Europe
		Furthermore, EMU remains a fragile prospect because it rests on decisions to pursue monetary union prior to having in place a strong unified political union to give it necessary support and establish the rules of the game.
		In this `two-level' policy process (the separation of activities toward political union and toward monetary union) monetary union is being pursued in a highly elitist fashion by financial technicians, central bankers and their international political cohorts.
		Although almost all these economic questions are historic issues, they don't directly appear in the initial narrative on historic monetary unions because of its focus on the necessity of prior political union.
	www.eh.net /bookreviews/library/0007.shtml (1638 words)

	South-Western: European Monetary Union
		The economic advantages of EMU [European Monetary Union] increase in proportion to the size and stability of the euro region.
		One of the major concerns about the success of the monetary union is whether this central bank will be able to maintain an independent policy of maintaining a low inflation target.
		One of the shortcomings of the European Monetary Union is that three members of the European Union (Britain, Denmark, and Sweden) have chosen to not participate in the European Monetary Union.
	www.swlearning.com /economics/policy_debates/monetary_union.html (1625 words)

	EUROPEAN ECONOMIC AND MONETARY UNION (Site not responding. Last check: 2007-10-08)
		But there the unions have emerged for practical reasons: to reap economies of scale a tiny nation has decided to tie its fate to an existing monetary institution and country, with whose economic policy it is in agreement.
		The most obvious benefit of creating a monetary union (MU) is the elimination of the need of having to convert EU member countries' currencies into each other, which some have estimated to add permanently possibly 1-2 percent to gdp of the member states.
		Closely related to the political and economic components of the loss of sovereignty and autonomy of a country's policy institutions is the economic loss of one degree of freedom in the adjustment-policy instrument tool box, that of changing the exchange rate.
	www.ecsanet.org /conferences/ecsaworld3/kaufmann.htm (6401 words)

	ipedia.com: Economic and Monetary Union Article (Site not responding. Last check: 2007-10-08)
		The Economic and Monetary Union (EMU) was the proposal to establish such a single currency between the member states of the European Union.
		Under the so-called Copenhagen criteria, it is a condition of entry for states acceding to membership of the EU that they be able to fulfil the requirements for monetary union within a given period of time.
		The Treaty of Maastricht in 1992 establishes EMU as a formal objective and sets a number of economic convergence criteria, concerning the inflation rate, public finances, interest rates and exchange rate stability.
	www.ipedia.com /economic_and_monetary_union_1.html (438 words)

	European Monetary Union: Operating Monetary Policy - Finance & Development - September 1996
		The Maastricht Treaty on European Union states that members of the European Union (EU) should decide before the end of 1996 whether the majority of member countries meet the specified convergence criteria to start Stage 3 of the Economic and Monetary Union and whether it is appropriate to enter Stage 3.
		Stage 3 is defined as the ultimate stage of economic and monetary union wherein the currencies of the participating EU countries are irrevocably locked and replaced by a single currency, the euro.
		As a monetary control device, reserve requirements help stabilize the relationship between reserve money and broader measures of money (this is usually called the money multiplier) and increase the extent to which the demand for money responds to a change in interest rates in case of less than full remuneration of the required reserves.
	www.worldbank.org /fandd/english/0996/articles/070996.htm (3528 words)

	ECB: Economic and Monetary Union
		The establishment of the European Monetary Institute (EMI) on 1 January 1994 marked the start of the second stage of EMU and with this the Committee of Governors ceased to exist.
		On 2 May 1998 the Council of the European Union – in the composition of Heads of State or Government – unanimously decided that 11 Member States had fulfilled the conditions necessary for the participation in the third stage of EMU and the adoption of the single currency on 1 January 1999.
		On 1 January 1999 the third and final stage of EMU commenced with the irrevocable fixing of the exchange rates of the currencies of the 11 Member States initially participating in Monetary Union and with the conduct of a single monetary policy under the responsibility of the ECB.
	www.ecb.int /ecb/history/html/index.en.html (1203 words)

	An evolutionary approach to economic and monetary union
		That development must be based on firm and durable foundations which reflect both the diversity and the unity of the economic and monetary situation in the Community.
		The objectives of economic union are well established and include sustained increases in living standards and more flexible market-oriented economies.
		The strengthening of market mechanisms which is central to the achievement of economic union will enable the countries with the lowest per capita GNP to exploit market advantages, such as their low costs, and hence to maximise rates of return and profitable investment opportunities and attract the flows of private capital required to finance them.
	www.ecu-activities.be /documents/publications/publication/1990_1/uktreasury.html (3415 words)

	EMU and inflation - a civil liberty issue - abelard
		EMU (European Monetary Union) and inflation – a civil liberty issue is one of a series of documents about economics and money at abelard.org.
		If EMU is forced through against the democratic will, it is very probable that it will be reversed by politicians who will be prepared to accept the democratic will, politicians who will certainly, in due course, replace those who attempt to ride rough shod over democracy.
		For the long-erm peace and prosperity it is essential, therefore, that the EMU project is put on hold until greater political acceptance evolves among the European nations.
	www.abelard.org /emu/emu-hi.htm (3306 words)

	Guardian Unlimited \| Special reports \| European unity could flounder on regional neglect
		In the debate on the euro very little attention is paid to differences in the levels of income and unemployment across the regions of Europe, and whether a single currency is likely to narrow or exacerbate these differences.
		The scourge of unemployment is the greatest economic challenge facing Europe and the consequences of regional neglect could threaten the future of both economic and political union.
		Tony Thirlwall is Professor of Applied Economics at the University of Kent at Canterbury, and author of a forthcoming pamphlet, The Euro and "Regional" Divergence in Europe, The New Europe Research Trust.
	www.guardian.co.uk /EMU/Story/0,2763,191059,00.html (650 words)

	AllRefer.com - Benelux Economic Union (International Organizations) - Encyclopedia
		Benelux Economic Union[ben´uluks´´] Pronunciation Key, economic treaty among Belgium, the Netherlands, and Luxembourg.
		The union was established to promote free movement of workers, capital, goods, and services in the Benelux region.
		Benelux was the first entirely free international labor market, but its goal of merging the fiscal and monetary systems of the three countries was only largely fulfilled when most EU nations replaced their currencies with the euro (2002).
	reference.allrefer.com /encyclopedia/B/BeneluxE.html (231 words)

	The West African Economic and Monetary Union (WAEMU), Facing the Challenges of the Future -- Statement by Alassane D. ...
		On this we are all agreed: the devaluation of the CFA franc, accompanied by bold structural reforms, was a necessary response to the failure of the domestic adjustment strategies pursued during the 1980s.
		Hesitancy or reluctance to carry out key measures, such as privatization or the elimination of special exemptions, raises the perception that the government’s commitment to the spirit of the adjustment program may be less than whole-hearted and thus susceptible to setbacks or delays when difficult decisions must be made.
		Indeed, the population of this unified economic space would be equivalent to two-thirds that of Nigeria or 11 percent of the population of sub-Saharan Africa, which has some 600 million inhabitants, and its real GDP would be equivalent to approximately 90 percent of Nigeria’s or 10 percent of real GDP for sub-Saharan Africa.
	www.imf.org /external/np/speeches/1998/063098.htm (2237 words)

	Global Economy: Glossary of European Economic and Monetary Union (EMU) terms - Expand Your Insight - FRB Dallas
		Council of Ministers: The primary decision-making institution of the European Union; consists of ministerial-level representatives of all EU states.
		European Commission: The executive branch of the European Union; responsible for implementing the decisions of the Council of Ministers and proposing new measures and directions for the EU.
		Maastricht Treaty: More formally, the Treaty on European Union; signed in 1992 by the EU heads of state, it established the framework for economic and monetary union in Europe.
	www.dallasfed.org /eyi/global/9902glossary.html (472 words)

	Economics 415 Syllabus
		The primary focus of the seminar is on the development and application of economic models drawn from international finance and open economy macroeconomics.
		Andersen, Torben, "Fiscal Stabilization Policy in a Monetary Union with Inflation Targeting," CEPR discussion paper 3232, February 2002.
		Lauer, Charlotte, "The Effects of European Economic and Monetary Union on Wage Behavior," Intitute for the Study of Labor, Discussion Paper No. 36, Centre for European Economic Research-Bonn, March 1999.
	www.oberlin.edu /~dcleeton/syll_415.htm (8766 words)

	West African Economic and Monetary Union
		The West African Economic and Monetary Union (UEMOA), was created on January 10, 1994.
		The supreme organ of the Union is the Authority of the Heads of States and Governments, which meets at least once a year.
		The Committee takes precedence over the Union parliament, which must be responsible for the democratic control of the Union institutions.
	training.itcilo.it /actrav_cdrom1/english/global/blokit/umeoa.htm (600 words)

	Economic and Financial Affairs - Homepage - Welcome! (Site not responding. Last check: 2007-10-08)
		Reforms of services of general economic interest, such as telecommunications, air transport and postal services, have produced clear benefits for European consumers in terms of lower prices...
		Prepared jointly by the Directorate General for Economic and Financial Affairs and the Economic Policy Committee as a factual analytical tool, this database collects annual information on enacted policy measures likely to have an impact on labour market performance.
		This paper presents an assessment of the overall economic impact of ageing for the EU Member States.
	europa.eu.int /comm/economy_finance/index_en.htm (291 words)

	EMU and Euro information, articles, FAQ, IT resources, euro links, europapers, book, course
		Economic and Monetary Union, conversion rates, information on notes and coins, exchange rates and online realtime currency converters from Xenon and Oanda.
		Blowing the Whistle Paul van Buitenen, Lorna Dale (Translator) In 1998 Paul van Buitenen, an assistant auditor in the Financial Control Directorate of the European Commission in Brussels, lifted the lid on the internal corruption and fraud he had unearthed at the heart of the Commission.
		We, like the Association for the Monetary Union of Europe, with which we have been proud to co-operate for much of our existence, are folding our tents.
	www.sysmod.com /emu.htm (2357 words)

	H-Net Review: Elaine Fuller on Elusive Union: The Process of Economic and Monetary Union in ...
		Dyson introduces the theme of monetary union requiring prior political authority in his introductory chapter (Ch.
		The first period saw creation of the European Monetary System in 1979, rapid implementation of a European Monetary Union with a single currency, which would replace the Exchange Rate Mechanism in which member countries must try to maintain set exchange rate parities but also negotiate changes in them as frequently as necessary (Chapter 5).
		It is these mostly economic issues in Part II that this bookx covers; a reader with economist's eyes who kept feeling there was something crucial missing from the historical narrative of the first 175 pages.
	www.h-net.msu.edu /reviews/showrev.cgi?path=27474850090184 (1640 words)

	Economic and Monetary Union in Europe
		Fiscal federalism is by no means a necessary corollary of monetary union and the `Maastricht rules' on public debt and deficits will place harmful constraints on national fiscal policies.
		"Economic and Monetary Union in Europe," Journal of Economic Perspectives, American Economic Association, vol.
		"Economics and Politics: Interest Rate Convergence in Europe and EMU," Discussion Papers in European Economics 99/6, Department of Economics, University of Leicester.
	ideas.repec.org /p/cpr/ceprdp/722.html (894 words)

	Guardian Unlimited \| Special reports \| Special report: the euro
		But on the key issue of macro-economic policy, Brown seems to me to have made the right choice in staying out of the eurozone at least until (if ever) it can produce a framework for economic policy that is more Keynesian and less monetarist.
		November 22: Jean-Claude Trichet, the president of the European Central Bank, gave the euro a fresh downward shove on the foreign exchanges yesterday when he surprised the financial markets by appearing lukewarm about the need for a series of increases in interest rates in the eurozone.
		July 19: Germany and France, the eurozone's two biggest economies, yesterday stepped up privatisation programmes to curtail their burgeoning budget deficits as their economic growth slowed.
	www.guardian.co.uk /EMU (897 words)

	EUROPA - Activities of the European Union - Economic and monetary affairs (Site not responding. Last check: 2007-10-08)
		EUROPA - Activities of the European Union - Economic and monetary affairs
		In order to deliver steady growth and create jobs across the Union, member governments must run their economies according to the same sound principles of economic management.
		Useful reading: Going for growth: The economy of the EU (Series: Europe on the move).
	europa.eu.int /pol/emu/index_en.htm (179 words)

	Isle of Man Treasury Department - Economic Affairs - European Economic and Monetary Union (EMU)
		The Isle of Man Government is presently planning to ensure that necessary preparations will be in place for the introduction of the single currency.
		Treasury has already taken steps to amend Government's internal accounting arrangements so that in many cases it will be possible for payments to Government to be made in euros (eurocheques and transfers from 1999; notes and coins from 2002).
		A review of EMU and its practical implications for the Isle of Man has been issued by the Economic Affairs Division.
	www.gov.im /treasury/economic/emu/welcome.xml (176 words)

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