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By Francisco Torres, Francesco Giavazzi

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

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Sample text

This real interest rate configuration does not in itself fuel the inflation process and undermine the fixed exchange rate regime. 6 Francisco Torres and Francesco Giavazzi 3 Financial market integration and capital taxation Recently many economists have drawn attention to the changing character of the exchange rate mechanism. Governments were, until the summer of 1992, evidently reluctant to seek realignments in circumstances that would earlier have prompted them to do so: the exchange rate mechanism, between 1987 and 1991, became more 'credible' than formerly.

Though the possibility may seem remote after five years of considerable stability in the EMS it cannot be ruled out; and a divided authority for monetary policy might invite speculation in financial markets, hence increasing the risk of crises. This view seems, however, too absolute when we examine more closely what sharing of monetary policy responsibilities between the national and the collective level would imply. In his contribution to the Delors Report, Lamfalussy (1989) referred to three possible approaches for strengthening the common element in monetary policy in the transition.

EC 1992 Perspectives from the Outside, London: Macmillan. e. the role of the European monetary institution (EMI) in Stage II of EMU. The new Treaty (Article 109 f) and the Statute in the annexed protocol attribute two basic responsibilities to the EMI: (i) to strengthen the coordination of the member states' monetary policies; (ii) to prepare the instruments and procedures necessary for the European central bank (ECB) to carry out a single monetary policy in the third stage. Discussions at the inter-governmental conference mostly reflected the belief of many participants that the above tasks are not particularly demanding.

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