The Euro: The First Decade
On 1 January 1999 eleven EU Member States adopted a new currency - the euro. The introduction of the euro was a remarkable feat in the history of European monetary, financial, economic and political integration. It was an event of worldwide significance. Despite much criticism and predictions that it would quickly collapse, the first decade of the euro has been a remarkable success. The euro area has now expanded to 16 members with a combined population of 326 million and contributes 16 per...
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On 1 January 1999 eleven EU Member States adopted a new currency the euro. The introduction of the euro was a remarkable feat in the history of European monetary, financial, economic and politcal integration. It was an event of worldwide significance. Despite much criticism and predictions that it would quickly collapse, the first decade of the euro has been a remarkable success. The euro area has now expanded to 16 members with a combined population of 326 million and contributes 16 percent of global output. This book is the first to provide a wide-ranging strategic review of the first decade of the euro. Written by an impressive line-up of academic and professional economists, The Euro: The First Decade is an invaluable reference for scholars and policy makers who wish to know more about the successes and failures of the euro and the challenges that lie ahead.
List of figures; List of tables; List of contributors; Foreword Joaquín Almunia; Acknowledgements; 1. Euro: the first decade and beyond Marco Buti, Servaas Deroose, Vitor Gaspar and João Nogueira Martins; Part I. Historical Perspective: 2. A long term perspective on the euro Michael Bordo and Harold James; 3. Sui generis EMU Barry Eichengreen; Comment Niels Thygesen; Part II. OCA Theory Revisited: 4. The OCA theory and the path to EMU Francesco Mongelli; 5. A modern reconsideration of the theory of optimum currency areas Giancarlo Corsetti; Comment Peter Hoeller; Part III. Monetary Policy: 6. ECB credibility and transparency Petra Geraats; 7. Some observations on the ECB's monetary policy Manfred J. M. Neumann; Comment Frank Smets; Part IV. Financial Markets: 8. The ECB and the bond market Carlo Favero and Francesco Giavazzi; Comment Domenico Giannone, Michele Lenza and Lucrezia Reichlin; 9. Financial market integration under EMU Tullio Jappelli and Marco Pagano; Comment Simon Hayes; 10. The international role of the euro: a status report Elias Papaioannou and Richard Portes; Comment André Sapir; Part V. Fiscal Policy: 11. EMU's decentralised system of fiscal policy Jürgen von Hagen and Charles Wyplosz; Comment Martin Larch and Lucio Pench; 12. Should we forsake automatic fiscal stabilization? Xavier Debrun, Jean Pisani-Ferry and André Sapir; Comment Gilles Saint-Paul; 13. Fiscal policy, intercountry adjustment and the real exchange rate in EMU Christopher Allsopp and David Vines; Comment Robert Kollmann; 14. Taxation policy in EMU Julian Alworth and Giampaolo Arachi; Comment Casper van Ewijk; Part VI. Growth, Trade and Volatility: 15. The impact of EMU on growth in Europe Ray Barrell, Dawn Holland, Iana Liadze and Olga Pomerantz; Comment Jörg Decressin and Emil Stavrev; 16. The impact of the euro on international stability and volatility Stefan Gerlach and Matthias Hoffmann; Comment Philipp Hartmann; 17. The impact of the euro on trade and FDI Richard Baldwin; Comment Karl Pichelmann; Part VII. Structural Reforms: 18. Labour markets in EMU: what has changed, and what needs to change Giuseppe Bertola; 19. How product market reforms lubricate shock adjustment in the euro area Jacques Pelkmans, Lourdes Acedo Montoya and Alessandro Maravalle; Comment Gert Jan Koopman; Part VIII. Enlargement and Governance: 20. Euro area enlargement and euro adoption strategies Zsolt Darvas and György Szapáry; 21. Governance in an enlarged euro area Iain Begg; Comment Jean Pisani-Ferry; References; Index.
