European Monetary Integration

Approaches to Monetary Union.- 4.3 The Institutional Approach: The Stages of the Delors Report.- 5. Summary and Conclusions.- Discussant: Alan G. Isaac.- German Monetary Unification and European Monetary Union: Theoretical Issues and Strategic Policy Problems.- 1. Introduction.- 2. Are Germany and Europe Optimum Currency Areas?.- 3. German Monetary Unification.- 3.1 Economic Structure and Monetary System in East Germany.- 3.2 Necessary Reforms.- 3.3 Benefits and Costs of Gradualism.- 3.4 Benefits and Costs of Big Leap.- 4. European Monetary Union.- 4.1 Economic Structures and Monetary Systems in Europe.- 4.2 Planned Reforms.- 4.3 Benefits and Costs of Gradualism.- 4.4 Benefits and Costs of Big Leap.- 5. Big Leap for Germany and Gradualism for Europe.- Discussant: John Williamson.- Liberalization and Regulation in the Process of Financial Market Integration in the European Community.- 1. Introduction.- 2. The Historical Record.- 3. Liberalization and Regulation in the Commissions New Approach.- 4. Likely Impact of the New Approach: Microeconomics.- 5. Likely Impact of the New Approach: Macroeconomics.- 6. Conclusions.- Discussant: Sydney Key.- Problems of Monetary Policy Coordination in the Transition Phase.- 1. Introduction.- 2. Open Questions In Stage One.- 2.1 Does Stage One Make a Difference?.- 2.2 What Kind of Coordination?.- 2.3 How to Ensure the Stability of the EMS?.- 2.4 What Are the Merits of Currency Competition?.- 3. Open Questions of Stage 2.- 3.1 Is There a Need For an ESCB Without Responsibilities?.- 3.2 The ESCB as a Joint Subsidiary of National Central Banks?.- 3.3 Can Monetary Policy Responsibilities Be Divided in Stage Two?.- 3.3.1 ESCB Management of Interest Rate Differentials.- 3.3.2 Third Currency Interventions by the ESCB.- 3.3.3 Minimum Reserve Policy of the ESCB.- 3.3.3.1 ECU Minimum Reserve Requirements for Central Banks.- 3.3.3.2 ECU Minimum Reserve Requirements for Commercial Banks in Europe.- 3.4 An Integrated Approach.- 4. Conclusions.- Discussant: Horst Ungerer.- Monetary and Fiscal Policy in a European Monetary Union: Some Public Choice Considerations.- 1. Introduction.- 2. Determinants of Inflation in a Monetary Union.- 2.1 Monetary Union and Central Bank Collusion.- 2.2 Central Bank Credibility: EMU as a Commitment Mechanism.- 2.3 EMU and the Degree of Effective Policy Competition.- 2.4 Seigniorage and the Incentive to Inflate in a EMU.- 3. The Role of Fiscal Policy in a Monetary Union.- 3.1 Harmonization, International Transfers, and Fiscal Policy Coordination.- 3.2 The Role of Fiscal Restraints in a Monetary Union.- 3.3 The Effectiveness of Fiscal Restraints: Evidence from the US.- 4. Conclusions.- Discussant: Robert Solomon.