European Monetary Integration
from the European Monetary
System to Economic and Monetary Union
2nd edition
.Review of First Edition
"...displays their [the
authors'] outstanding ability to provide a balanced perspective which spans both the most
narrow technical issues and broader economic analysis. It can be recommended without
hesitation to advanced undergraduate and graduate students and to active
researchers." The World Economy
Daniel Gros and Niels
Thygesen provide an unrivalled account of the history, theory and practice of monetary
integration in Europe. Starting with a brief history of European monetary integration up
to the start of the European Monetary System (EMS) in 1978, the authors go on to
examine\in more detail the workings of the EMS, including an analysis of the speculative
attacks between 1992-95. The next part of the book is a substantially rewritten account of
the economics of monetary union with a fresh look at the costs and benefits, the changing
relationships between economic and monetary integration and the global implications of
Economic and Monetary Union (EMU). The final part of the book critically examines the
specific steps towards monetary union starting from the Delors Report before going on to
the Maastricht Treaty and the convergence criteria, and finally to the establishment of a
European System of Central Banks (ESCB). The concluding chapter assesses the outlook for
EMU.
Key features of the new
edition:
Substantially rewritten to
take account of events since the Maastricht ratification process New technical boxes
included to summarise theoretical issues relevant to the workings of the EMS : •
Reassessment of costs and benefits and critical analysis of the outlook for EM
Cartoons from a number of
European papers help to illustrate the range of national positions on EMU and the
widespread perplexity of the public
In the course of the book the
authors draw upon their extensive original research and also survey the huge amount of
literature that has appeared in books, journal articles and professional briefing papers.
European Monetary Integration remains essential reading for all students of European
monetary integration and international macroeconomics, as well as anybody with a
professional interest in European economics
Daniel Gros is Deputy
Director and Senior Research Fellow at the Centre for European Policy j| Studies, Brussels
and has taught as Visiting Professor at the Catholic University of Leuven and the
University of Frankfurt. He also served as advisor to the Director General for Economic
and Financial Affairs of the European Commission 1988-90. Niels Thygesen is Professor of
ť Economics at the University of Copenhagen and an Associate Senior Research Fellow at
the Centre for European Policy Studies, Brussels. He served as one of the three
independent experts on the Delors committee and was advisor to the Central Bank of Denmark
from 1972-83.
574 pages