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European Monetary Unification and International Monetary Cooperation

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  • Barry Eichengreen and Fabio Ghironi.

Abstract

In this paper we describe some of the opportunities and perils for international monetary cooperation associated with EMU. Our approach brings together two strands in the literature; one concerned with institutions, the other focusing on policy consensus. Our analysis raises questions about the scope for monetary cooperation in Europe and across the Atlantic. While institutional and intellectual support for monetary-policy coordination within Europe will be further strengthened in Stage III of the transition to EMU, a limitation of that framework concerns relations between the "ins" and the "outs" -- between member states that will and that will not be founding members of the monetary union. While this problem can be remedied, it presently looms as the principal threat to monetary cohesion in Europe and to the broader program of economic and political integration with which the EMU project is linked. By comparison, institutional and intellectual support for transatlantic monetary cooperation, and for G-7 monetary cooperation more generally, remains deficient. The advent of Stage III will only highlight these limitations.

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Bibliographic Info

Paper provided by University of California at Berkeley in its series Center for International and Development Economics Research (CIDER) Working Papers with number C97-091.

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Date of creation: 01 Jun 1997
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Handle: RePEc:ucb:calbcd:c97-091

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  1. Buiter, W.H. & Corsetti, G.M. & Pesenti, P.A., 1998. "Interpreting the ERM Crisis: Country-Specific and Systemic Issues," Princeton Studies in International Economics 84, International Economics Section, Departement of Economics Princeton University,.
  2. Holtham, Gerald & Hughes Hallett, Andrew, 1987. "International Policy Cooperation and Model Uncertainty," CEPR Discussion Papers 190, C.E.P.R. Discussion Papers.
  3. Eichengreen, Barry & von Hagen, J├╝rgen, 1995. "Fiscal Policy and Monetary Union: Federalism, Fiscal Restrictions and the No-Bailout Rule," CEPR Discussion Papers 1247, C.E.P.R. Discussion Papers.
  4. Mathias Dewatripont & Patrick Bolton, 1994. "The firm as a communication network," ULB Institutional Repository 2013/9595, ULB -- Universite Libre de Bruxelles.
  5. Farrell, Joseph & Gibbons, Robert, 1988. "Cheap Talk Can Matter in Bargaining," Department of Economics, Working Paper Series qt3qz786xq, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  6. C. Fred Bergsten & C. Randall Henning, 1996. "Global Economic Leadership and the Group of Seven," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 45, July.
  7. Haas, Peter M., 1992. "Introduction: epistemic communities and international policy coordination," International Organization, Cambridge University Press, vol. 46(01), pages 1-35, December.
  8. Alogoskoufis, George & Portes, Richard, 1990. "International Costs and Benefits from EMU," CEPR Discussion Papers 424, C.E.P.R. Discussion Papers.
  9. Goldstein, Judith, 1988. "Ideas, institutions, and American trade policy," International Organization, Cambridge University Press, vol. 42(01), pages 179-217, December.
  10. Jeffrey A. Frankel, 1988. "Obstacles to International Macroeconomic Policy Coordination," NBER Working Papers 2505, National Bureau of Economic Research, Inc.
  11. C. Randall Henning, 1994. "Currencies and Politics in the United States, Germany, and Japan," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 15, July.
  12. Barry Eichengreen., 1993. "International Monetary Arrangements for the 21st Century," Center for International and Development Economics Research (CIDER) Working Papers C93-021, University of California at Berkeley.
  13. Peter B.. Kenen, 1990. "The Coordination of Macroeconomic Policies," NBER Chapters, in: International Policy Coordination and Exchange Rate Fluctuations, pages 63-108 National Bureau of Economic Research, Inc.
  14. Eichengreen, Barry & Ghironi, Fabio, 1995. "European Monetary Unification: The Challenges Ahead," CEPR Discussion Papers 1217, C.E.P.R. Discussion Papers.
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Cited by:
  1. Neaime, Simon & Paschakis, John, 2002. "The future of the dollar-euro exchange rate," The North American Journal of Economics and Finance, Elsevier, vol. 13(1), pages 56-71, May.
  2. C. Randall Henning, 2006. "The External Policy of the Euro Area: Organizing for Foreign Exchange Intervention," Working Paper Series WP06-4, Peterson Institute for International Economics.
  3. Peter Mooslechner & Martin Schuerz, 1999. "International Macroeconomic Policy Coordination: Any Lessons for EMU? A Selective Survey of the Literature," Empirica, Springer, vol. 26(3), pages 171-199, September.

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