Adjustment and Growth in the European Monetary Union by Francisco Torres, Francesco Giavazzi

By Francisco Torres, Francesco Giavazzi

This quantity analyzes the ecu Community's transition to fiscal and financial union (EMU) within the gentle of the agreements reached at Maastricht final yr. It derives from a convention held by means of the CEPR and the financial institution of Portugal, and contains between its individuals a couple of famous educational commentators on eu integration. the problems addressed within the quantity contain: the connection among a standard foreign money and inflation convergence; the results of economic unification on Europe's more and more built-in monetary markets and monetary structures; and EMU's implications for the EC's long term development.

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The difficulties of sharing authority between, on the one hand, the national central banks (and their governments to the extent that the central banks are not yet independent) and, on the other hand, an emerging European institution, now the EMI, was evident from the discussions in the Delors Committee. These difficulties were also noted in a number of academic contributions, whether based on more theoretical analysis, for example, Wihlborg and Willett (1991), or on historical analogies, for example Eichengreen (1991) on the early and unsatisfactory Federal Reserve experience with inadequate centralization.

The extent of this effect will depend on how far the existing tax systems distort investment, whether competition alone will achieve the necessary convergence in tax regimes or whether inter-governmental cooperation will be required, and how much harmonization of capital taxes is needed. The European Commission hopes to harmonize the tax base and set minimum tax rates in order to facilitate tax competition, reduce divergences in tax rates, and hence reduce the cost of distortions. In view of the difficulties in assessing the current situation, this looks like a reasonable approach.

We hope that this volume will contribute to a better understanding of these problems. 2 Economic and Monetary Union: Critical notes on the Maastricht Treaty revisions NIELS THYGESEN 1 Introduction The inter-governmental conference (IGC) on economic and monetary union (EMU) which started in Rome in December 1990 and was concluded in Maastricht one year later had two main tasks. The first was to define, as precisely as possible, how collective authority over economic policy will be exercised in the final stage of EMU.

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