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By Francisco Torres, Francesco Giavazzi
This quantity analyzes the eu Community's transition to monetary and fiscal union (EMU) within the mild of the agreements reached at Maastricht final 12 months. It derives from a convention held via the CEPR and the financial institution of Portugal, and contains between its participants a few 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 financial 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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Additional resources for Adjustment and Growth in the European Monetary Union
Article 109 j institutes a regular reporting procedure for the Commission and the EMI throughout the second stage. In their regular reports to ECOFIN the two bodies will monitor progress in the move towards independence for the national central banks and 'the achievement of a high degree of sustainable convergence' in terms of inflation, avoidance of 'excessive deficits', observance of normal fluctuation margins in the EMS and convergence of long term interest rates. These four criteria are specified in quantitative detail in a separate protocol.
In short, the logic both of limiting the risk of instability and inflationary drift and of preparing as well as possible for the final stage suggests that use of reserve requirements, necessarily on the basis of voluntary and decentralized coordination, should re-appear on the EMI agenda. This being said, it remains true that the strong emphasis on the indivisibility of national monetary authority in Stage II which is embodied in the Maastricht proposals implies that the transition will look primarily like an extension of Stage I.
Their essential purpose, as here interpreted, is to give countries maximum incentives for restoring budgetary prudence in the transition period. Countries that have succeeded in this restoration will have regained budgetary autonomy. The budgetary criteria remain tough even in this liberal interpretation and might still constitute the 'no-entry clause' advocated by some countries and analysed in the more academic literature, notably by Giovannini and Spaventa (1991). On the other hand, as argued above, they are unlikely to be applied mechanically to bar countries which have long observed the rigid discipline of the normal margins in the EMS, from entry into the final stage.
Adjustment and Growth in the European Monetary Union by Francisco Torres, Francesco Giavazzi