国际经济学珍藏版14分解
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The Werner report (1969)
It set out a blueprint for the stage-by-stage realization of Economic and Monetary Union by proposing a three-phase program to: –Eliminate intra-European exchange rate movements –Centralize EU monetary policy decisions –Lower remaining trade barriers within Europe
Most exchange rates could fluctuate up or down by as much as 2.25% relative to an assigned par value.
The snake served as a prologue to the more comprehensive European Monetary System (EMS).
on January 1, 1999.
This chapter focuses on the following questions:
–How and why did Europe set up its single currency?
–Will the euro be good for the economies of its members?
Eight original participants in the EMS’s exchange rate mechanism began operating a formal network of mutually pegged exchange rates in March 1979.
Capital controls and frequent realignments were essential ingredients in maintaining the system until the mid-1980s.
Key terms
ห้องสมุดไป่ตู้
Credibility theory of the EMS
Maastricht theory
Fiscal federation
Economic and monetary union(EMU)
Monetary efficiency gain
Economic stability loss
After the mid-1980s, these controls have been abolished as part of the EU’s wider “1992” program of market unification.
During the currency crisis that broke out in September 1992, Britain and Italy allowed their currencies to float.
The European Monetary System, 1979-1998
Germany, the Netherlands, Belgium, Luxemburg, France, Italy, and Britain participated in an informal joint float against the dollar known as the “snake.”
Two major reasons for adopting the Euro: --To enhance Europe’s role in the world monetary system --To turn the European Union into a truly unified market
optimum currency areas
European Monetary System(EMS)
Stability and Growth Pact(SGP)
Ⅰ. Optimum Currency Areas and the European Experience
European Union countries have progressively narrowed the fluctuations of their currencies against each other. – This culminated in the birth of the euro
International Economics
Chapter 14 The Choice of Exchange Rate System in
Countries and World
Main Contents
Optimum Currency Areas and the European Experience Exchange Rate System, Debt and Financial Crisis in Emerging Countries
–How will the euro affect countries outside of the European Monetary Union (EMU)?
–What lessons does the European experience carry for other potential currency blocks?
ⅰ.How the European Single Currency Evolved
Members of the Euro Zone as of January 1, 2001
A Brief Glossary of Euronyms
European Currency Reform Initiatives, 1969-1978
In August 1993 most EMS currency bands were widened to ± 15% in the face of continuing speculative attacks.
It set out a blueprint for the stage-by-stage realization of Economic and Monetary Union by proposing a three-phase program to: –Eliminate intra-European exchange rate movements –Centralize EU monetary policy decisions –Lower remaining trade barriers within Europe
Most exchange rates could fluctuate up or down by as much as 2.25% relative to an assigned par value.
The snake served as a prologue to the more comprehensive European Monetary System (EMS).
on January 1, 1999.
This chapter focuses on the following questions:
–How and why did Europe set up its single currency?
–Will the euro be good for the economies of its members?
Eight original participants in the EMS’s exchange rate mechanism began operating a formal network of mutually pegged exchange rates in March 1979.
Capital controls and frequent realignments were essential ingredients in maintaining the system until the mid-1980s.
Key terms
ห้องสมุดไป่ตู้
Credibility theory of the EMS
Maastricht theory
Fiscal federation
Economic and monetary union(EMU)
Monetary efficiency gain
Economic stability loss
After the mid-1980s, these controls have been abolished as part of the EU’s wider “1992” program of market unification.
During the currency crisis that broke out in September 1992, Britain and Italy allowed their currencies to float.
The European Monetary System, 1979-1998
Germany, the Netherlands, Belgium, Luxemburg, France, Italy, and Britain participated in an informal joint float against the dollar known as the “snake.”
Two major reasons for adopting the Euro: --To enhance Europe’s role in the world monetary system --To turn the European Union into a truly unified market
optimum currency areas
European Monetary System(EMS)
Stability and Growth Pact(SGP)
Ⅰ. Optimum Currency Areas and the European Experience
European Union countries have progressively narrowed the fluctuations of their currencies against each other. – This culminated in the birth of the euro
International Economics
Chapter 14 The Choice of Exchange Rate System in
Countries and World
Main Contents
Optimum Currency Areas and the European Experience Exchange Rate System, Debt and Financial Crisis in Emerging Countries
–How will the euro affect countries outside of the European Monetary Union (EMU)?
–What lessons does the European experience carry for other potential currency blocks?
ⅰ.How the European Single Currency Evolved
Members of the Euro Zone as of January 1, 2001
A Brief Glossary of Euronyms
European Currency Reform Initiatives, 1969-1978
In August 1993 most EMS currency bands were widened to ± 15% in the face of continuing speculative attacks.