Adjustment and Growth in the European Monetary Union [Paperback]

In these papers, leading international experts address the instability of the transition to EMU.This volume reports the proceedings of a joint CEPR conference with the Banco de Portugal, held in January 1992. In these papers, leading international experts address the instability of the transition to EMU, the long-run implications of monetary union and the single market for growth and convergence in Europe.This volume reports the proceedings of a joint CEPR conference with the Banco de Portugal, held in January 1992. In these papers, leading international experts address the instability of the transition to EMU, the long-run implications of monetary union and the single market for growth and convergence in Europe.This volume analyzes the European Community's transition to economic and monetary union (EMU) in the light of the agreements reached at Maastricht last year. It derives from a conference held by the CEPR and the Bank of Portugal, and includes among its contributors a number of noted academic commentators on European integration. The issues addressed in the volume include: the relationship between a common currency and inflation convergence; the effects of monetary unification on Europe's increasingly integrated financial markets and fiscal systems; and EMU's implications for the EC's long-term growth.1. Introduction Francisco Torres and Francesco Giavazzi; 2. Economic and monetary union: critical notes on the Maastricht Treaty revisions Niels Thygesen; Discussion Lorenzo Bini Smagha, Victor Gaspar, Jose Vinals; 3. The design of optimal fiscal rules for Europe after 1992 Giancarlo Corsetti and Nouriel Roubini; Discussion Axel A. Weber; 4. Contracts, credibility and common knowledge: their influence on inflation convergence Marcus Miller and Alan Sutherland; Discussion David Backus, Michael Dooley; 5. Inflation in fixed exchange regimes: the recent Portuguese experience Sergio Rebelo; Discussion Michael Moore, Guido Tabellini; 6. Models of economic integratl3-