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EMU and Enlargement

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Author Info

  • Barry Eichengreen

    (University of California - Berkeley)

  • Fabio Ghironi

    ()
    (Boston College)

Abstract

We speculate about how Europe's monetary union will evolve in the next five to ten years. We concentrate on what is likely to be the most important change in that period, namely, the increased number and heterogeneity of the participating states. New members will be sharply different from the incumbents in terms of their per capita incomes and economic structures. We concentrate on the implications of this development for the structure, organization and operation of the monetary union. We focus on the implications for the conduct of monetary policy of voting and representation rules on the ECB Board on the grounds that these will have to change with the accession of additional members. We focus on prudential supervision and lending in the last resort on the grounds that the inclusion of countries with recently-created and still-developing financial systems will be among the most prominent consequences of EMU enlargement. We focus on the coordination of fiscal policies on the grounds that the fiscal positions and problems of the accession economies will differ from those of the incumbents. And we focus on labor market flexibility on the grounds that labor-market effects will be among the leading consequences of the admission of new members.

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Bibliographic Info

Paper provided by Boston College Department of Economics in its series Boston College Working Papers in Economics with number 481.

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Length: 53 pages
Date of creation: 02 Nov 2000
Date of revision: 01 May 2001
Handle: RePEc:boc:bocoec:481

Note: This paper was previously circulated as "The Future of EMU" and "EMU in 2010: Heterogeneity, Institutions, and Fiscal Policy".
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References

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  1. Eichengreen, Barry, 1993. "European Monetary Unification," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1321-57, September.
  2. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output Per Worker Than Others?," The Quarterly Journal of Economics, MIT Press, vol. 114(1), pages 83-116, February.
  3. Joe Peek & Eric S. Rosengren & Geoffrey M. B. Tootell, 1999. "Is Bank Supervision Central To Central Banking?," The Quarterly Journal of Economics, MIT Press, vol. 114(2), pages 629-653, May.
  4. Michael J. Artis & Marco Buti, 2000. "Close to Balance or in Surplus. A Policy Maker’s Guide to the Implementation of the Stability and Growth Pact," EUI-RSCAS Working Papers 28, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
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  7. Caprio, Gerard & Honohan, Patrick, 2001. "Finance for Growth: Policy Choices in a Volatile World," MPRA Paper 9929, University Library of Munich, Germany.
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  9. Jennifer Hunt, 2000. "Why Do People Still Live in East Germany?," Discussion Papers of DIW Berlin 201, DIW Berlin, German Institute for Economic Research.
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  11. Buti, Marco & Franco, Daniele & Ongena, Hedwig, 1998. "Fiscal Discipline and Flexibility in EMU: The Implementation of the Stability and Growth Pact," Oxford Review of Economic Policy, Oxford University Press, vol. 14(3), pages 81-97, Autumn.
  12. Reinhart, Carmen & Calvo, Guillermo, 2002. "Fear of floating," MPRA Paper 14000, University Library of Munich, Germany.
  13. von Hagen, Jürgen & Mundschenk, Susanne, 2001. "The functioning of economic policy coordination," ZEI Working Papers B 08-2001, ZEI - Center for European Integration Studies, University of Bonn.
  14. Dirk Schoenmaker, 1992. "Institutional Separation between Supervisory and Monetary Agencies," FMG Special Papers sp52, Financial Markets Group.
  15. Christian E. Weller & Bernard Morzuch, 2000. "International Financial Contagion: Why are Eastern Europe's banks not failing when everybody else's are?," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(3), pages 639-663, November.
  16. John H. Rogers, 2001. "Price level convergence, relative prices, and inflation in Europe," International Finance Discussion Papers 699, Board of Governors of the Federal Reserve System (U.S.).
  17. Crafts, Nicholas & Kaiser, Kai, 2004. "Long-term growth prospects in transition economies: a reappraisal," Structural Change and Economic Dynamics, Elsevier, vol. 15(1), pages 101-118, March.
  18. Burda, Michael C., 1993. "The determinants of East-West German migration: Some first results," European Economic Review, Elsevier, vol. 37(2-3), pages 452-461, April.
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  21. Barry Eichengreen and Jurgen von Hagen., 1995. "Fiscal Policy and Monetary Union: Federalism, Fiscal Restrictions and the No-Bailout Rule," Center for International and Development Economics Research (CIDER) Working Papers C95-056, University of California at Berkeley.
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Citations

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Cited by:
  1. Dmitri Boreiko, 2002. "EMU and Accession Countries: Fuzzy Cluster Analysis of Membership," Working Papers Central Bank of Chile 189, Central Bank of Chile.
  2. Philipp Maier & Maarten Hendrikx, 2002. "Implications of EMU enlargement for European monetary policy: A political economy view," Macroeconomics 0207007, EconWPA.
  3. Wojciech Paczynski, 2003. "ECB Decision-making and the Status of the Eurogroup in an Enlarged EMU," CASE Network Studies and Analyses 0262, CASE-Center for Social and Economic Research.
  4. Irena Radović, 2009. "Challenges for Monetary Policy in the Enlarged European Monetary Union," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 56(1), pages 95-110, March.
  5. Dimitri Boreiko, 2002. "EMU and Accession Countries: Fuzzy Cluster Analysis of Membership," Working Papers 71, Oesterreichische Nationalbank (Austrian Central Bank).
  6. Agnès Bénassy-Quéré & Edouard Turkisch, 2005. "ECB Governance in an Enlarged Eurozone," Working Papers 2005-20, CEPII research center.
  7. repec:onb:oenbwp:y::i:71:b:1 is not listed on IDEAS
  8. Dmitri Boreiko, 2003. "EMU and accession countries: Fuzzy cluster analysis of membership," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 8(4), pages 309-325.
  9. Helge Berger & Jakob de Haan & Robert Inklaar, 2003. "Restructuring the ECB," CESifo Working Paper Series 1084, CESifo Group Munich.

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