The Euro, 2nd Edition

Book Description

The euro is the national currency of eleven European countries from 1 January 1999. The change is truly a revolution. But it will not be until 2002 that euro cash - notes and coin - comes into circulation. This three-year 'transition' period raises many fascinating issues regarding the operation of financial markets, economies, companies, governments and the consumer. The second edition of The euro takes an expert look at the issues involved.

Written by an internationally renowned team of expert contributors from the worlds of banking, finance, economics, regulation, accountancy and business consultancy, the second edition of The Euro addresses all the key issues involved in the final implementation of Europe's new currency.

Amongst the issues of crucial importance addressed in the book are:

* Will the euro be a strong or a weak currency - will it rival the US dollar?

* Can Europe's economies really work properly with the 'one size fits all' approach to interest rates?

* Will the long-term benefits of the euro outweigh the short-term pain which has been endured as a result of higher taxes and government spending cuts?

* Are companies ready to cope with the euro?

* Will the consumer benefit?

* To what extent will a 'United States of Europe' be created?

* How can Europe's citizens cope with the dramatic changes brought about by the combination of the euro plus the IT revolution and Europe's ageing population?

The Investor described the first edition as "a work of reference - although an unusually readable one" and this approach ahs been continued in this fully revised and updated new edition. The skill of the team of expert contributors ("Europe's most highly-regarded analysts" according to City Life) is in their ability to present the complicated issues that arise out of the single European currency in a style that is both highly informative and accessible, making this new edition once again required reading for all readers who need or want to know what will happen to Europe's economies in the future.

The euro, second edition, is published under the auspices of the European Bond Commission of EFFAS (the European federation of Financial Analysts' Societies). EFFAS was established in 1962 and is a pan-European representative group of investment analysts from some seventeen different countries. The European Bond Commission is a standing committee of EFFAS responsible for matters relating to fixed income securities.

Reviews of the first edition:

".. what has been sadly lacking in the thousand of column inches that have been written about monetary union over recent weeks and months is a detailed analysis of what it will actually mean in practice. This is what The euro provides... for the reader who is keen to find out more about the issues that lie behind the development of the single currency. The euro will make matters considerably easier to understand."

The Investor

"Written to appeal to finance and business readers, it is a comprehensive, readable guide to the likely consequences of this momentous and radical change."

Lavoisier Management

"The EFFAS-European Bond Commission has obtained the views of Europe's most highly-regarded analysts. The results are startling."

City Life

"...the roll call of experience is longer and more illustrious than a Cruft's winner's pedigree... Anyone searching for the meat-and-potatoes lowdown on the single currency should look no further than The euro."

Chartered Banker

"Tim Congdon argues coolly that the euro plan simply will not work. He likens the euro programme to building a house with different sized bricks (dual pricing, parallel currencies), without a roof (no clear redenomination of currencies) and on a bog (planning documents are incoherent about money as a means of exchange). More rethinking for Chancellor Brown?"

Evening Standard

Customer Reviews:

Reprint quickly Pls........1998-07-16

Being an outsider of European Intergration as asian, I can catch layout picture from this book about the EURO system. Even it will bring new future in major regions on focus economy and business. This book is not under academical theories only but also on practical issues. And the writing is not hard to read for non-inglish speaker.

Good book for understanding the economic impact of Euro.......1998-02-20

It's a book about EURO which you'll find interesting. It is actually a collection of articles written by various industry specialists. It examines the impact of EURO on many areas like Bond Market, Equity Market & foreign exchange rate etc, it also illustrates the role of ECB.

It's recommended to students who want to have a quick grasp of knowledge in the EMU. It contains many graphs and diagrams which can raise your speed of reading. However, the impact of Euro on Equity market is a little bit too short.

Highly recommended to overseas students in Europe.

Average customer rating:
Toward an East Asian Exchange Rate Regime

Manufacturer: Brookings Institution Press
ProductGroup: Book
Binding: Paperback

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ASIN: 081571419X

Book Description

East Asian exchange rates have become a global flashpoint. U.S. policymakers blame artificially low Asian currency values for global imbalances, including America's ballooning current account deficit. The solution, they argue, lies in some combination of greater exchange rate flexibility and the appreciation of Asian currencies against the dollar. Asian officials recognize the need to let their exchange rates rise, but they fear that would hamper growth and cut sharply into the value of their dollar reserves.

Toward an East Asian Exchange Rate Regime offers a timely and comprehensive analysis of the resulting debates, drawing on expertise from China, Japan, South Korea, and the United States. The introduction reviews the issues at stake, sketches a variety of proposed exchange rate regimes, and discusses comparisons between East Asia and the West. Subsequent chapters examine the connection between global financial imbalances and East Asian monetary cooperation, China's potential role in regional coordination, the relationship between monetary and trade integration, and different paths toward regional cooperation. Authoritative yet concise, this is an essential primer on East Asian monetary integration.

Contributors: Gongpil Choi (Korean Institute of Finance, Federal Reserve Bank of San Francisco), Masahiro Kawai (University of Tokyo, Asian Development Bank), Kwanho Shin (Korea University), Yunjong Wang (SK Institute), Masaru Yoshitomi (RIETI,Tokyo), and Yongding Yu (Chinese Academy of Social Sciences).

Capital, Payments and Money Laundering in the European Union

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Capital, Payments and Money Laundering in the European Union
John Handoll
Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Hardcover

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ASIN: 1904501516

Book Description

The free movement of capital and payments within the EU and between the EU and third countries is an essential component in establishing the internal market in financial services.
L This work provides an expert and practical analysis of the Treaty framework governing free movement of capital and payments, covering the definition of capital payments, the prohibition of restrictions on free movement, together with the permitted exceptions, derogations and safeguard measures.
The provisions are considered in the context of other EU Treaty provisions and the international environment. The author also addresses the increasingly complex EU framework for combating money laundering.

The Year of the Euro: The Cultural, Social, And Political Import of Europe's Common Currency (Contemporary European Politics and Society)

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The Year of the Euro: The Cultural, Social, And Political Import of Europe's Common Currency (Contemporary European Politics and Society)

Manufacturer: University of Notre Dame Press
ProductGroup: Book
Binding: Paperback

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ASIN: 0268028818

Book Description

"The euro has quickly become a world currency, and this excellent work explains how this came about. It does the job, not only by looking at the economic factors involved, but also at political, legal, social, and cultural factors—all in a very creative and readable manner." —Richard Swedberg, Cornell University

"If the nineteenth and twentieth centuries brought a dramatic nationalization of government-backed currencies across the world, does the euro's introduction in 2002 write finis to the era of nationalism? Here, superbly informed observers of European politics, economy, and social life debate that question from multiple perspectives, not only documenting the depth of the euro's challenge, but also mapping alternative futures for Europe. An illuminating intervention in a vital conversation." —Viviana A. Zelizer, Lloyd Cotsen '50 Professor of Sociology, Princeton University

"This is one of the most interesting and original books in the burgeoning field of EU studies to have emerged in recent years. Its emphasis on the likely social and cultural—not just political and economic—impact of the euro at the national, subnational, and supranational levels is timely and refreshing. Tighly edited, this book should be essential reading for professional and amateur EU-watchers alike." —Desmond Dinan, Jean Monnet Professor of Public Policy, George Mason University

"I know of no other books on the academic market that deal with the impact of the Euro on the political, economic, and social fabric of Europe. This volume is currently one-of-a-kind." —Jeffrey Anderson, Georgetown University

The Year of the Euro examines the wide-ranging importance of Europe's new single currency beyond its impact on financial markets and the economy itself. On January 1, 2002, when the new currency began to circulate in the twelve participating member states of the European Union, the long move toward a supranational European framework for trade and institutions finally entered the fabric of daily life for hundreds of millions of citizens. The contributing authors to this highly readable and interdisciplinary volume offer a variety of perspectives on this extraordinary episode in currency change and European convergence. The book's essays offer the assessments of leading scholars of European affairs—from the fields of history, political science, sociology, and law—as to whether the new common currency will reshape the continent's cultures, societies and political systems and, if so, in what ways. The discussions and debates found in these pages will inform those, within and outside academia, who are interested in the future of Europe and in the meaning of national currencies. The volume is also suitable for classroom use in courses on the European Union, cultural and economic sociology, comparative politics, and contemporary Europe.

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Useful

Economics of Monetary Union, 4th Edition
Paul De Grauwe
Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Paperback

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The Economics of European Integration: Theory, Practice, Policy

The Economics of European Integration

The Economics of Europe (Penguin Business Library)

The European Union: Economics and Policies

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ASIN: 0198776322

Book Description

With the launch of the Euro, Europe's monetary landscape has changed fundamentally. Now in its fourth edition, this well-established textbook on monetary integration has been significantly rewritten to take account of these changes. New issues include: Monetary policies in Euroland in the presence of asymmetric shocks The mechanics of open market operations in Euroland Is the Eurosystem too decentralized? The Target Payments system Problems of bank supervision and control in Euroland The future of the euro in the international financial system Will the euro be a strong currency? Financial and banking integration in Euroland. This latest edition has been produced in a larger format, with clear figures and tables packed with relevant international data. Chapter conclusions provide a clear summary of each topic under discussion. Paul De Grauwe's lucid and balanced analysis continues to provide a clear account of all the crucial issues surrounding monetary union for undergraduate students of monetary economics and European studies.

Customer Reviews:

Useful.......2002-04-10

I'm an undergraduate student in Finance and Economics. I picked up this book for a term paper for my Public Economics class.

If there's one thing to say about De Grauwe's book is that it seemed very useful, down to earth, in contrast to other economics books I've read. The concepts covered in the book were explained very clearly, and for someone interested in the area, the theories seemed ready for use for application in understanding the important issues of monetary integration.

Whether there are flaws in the theory are--honestly--beyond my grasp; I'd have to read more. The book seems written and revised fairly enough and hasn't received negative comments from the faculty at my university. If someone else has a contrary opinion, I'm sure it'd help for people to hear.

Book Description

The creation of the European Central Bank and the Euro have brought new challenges to EU integration and economic policy. This book looks into issues of monetary and factor market policies. The analysis also presents new theoretical and empirical research on the - transitory - decline of the Euro. Issues of exchange rate policy and international economic relations also are addressed.

Debt, Financial Fragility, and Systemic Risk

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Overrated
A tour de force of economic analysis

Debt, Financial Fragility, and Systemic Risk
E. Philip Davis
Manufacturer: Oxford University Press, USA
ProductGroup: Book
Binding: Paperback

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ASIN: 0198233310

Book Description

A remarkable feature of the period since 1970 has been the patterns of rapid and turbulent change in financing behaviour and financial structure in many advanced countries. These patterns have, in turn, often been marked by rising indebtedness, default on loans and periods of financial instability, whether in the non-financial sectors, the financial sector or both. This book explores, both in theoretical and empirical terms, the nature of the relationships between underlying phenomena; namely levels and changes in borrowing (debt), vulnerability to default in the corporate and household sectors (financial fragility), and widespread disorder in the financial sector (systemic risk). Davis focuses on the wider generality of the phenomena at issue whereby similar patterns are observable in several countries, but not in others, as well as in the international capital markets themselves. Particular attention is paid to the importance of the nature and evolution of financial structure to the genesis of instability. Given the international scope of the analysis, the work is germane to the study of the devlopment of financial systems in all advanced countries, as well as the euromarkets. It will be of particular relevance, however, in the US, Japan, Germany, France, the UK, and Canada, Italy, Australia, Sweden, Norway, Finland, whose experience is examined in detail. In this expanded and revised edition, the macroeconomic consequences of fragility and the appropriate policy response are examined in particular detail, with the analysis focusing on macroeconomic performance in eleven countries over 1988-93. A wide range of issues relating to financial stability, including risk in payments systems, derivatives, and property lending, are also considered.

Customer Reviews:

Overrated.......2001-08-30

Having re-read this book for the second time,I have to confess that I still have severe doubts about the validity of the underlying assessments. The fundamental problem of the book is its pre-occuptation with the anglo-saxon shorttermist mentality which leads to ultimately misleading conclusions regarding monetary policy. Ultimately a firm orientation of monetary policy towards the medium-term objective of price stability - in the context of an 'ordnungspolitische' well-based broader economic and social framework - it the best guarantor of the financial and economic stability which is essential to reap the full fruits of economic progress. The experience of Germany over the last 30 years - which, in contrast to the poor record of the anglo-saxon economies, is characterised by a solid track record of price stability combined with the absence of notable financial fragility - is powerful evidence of the enduring truth of this proposition. While this view may not be en vogue with many financial commentators - especially those in the anglo-saxon presse - I am convinced that this will change radically in the near future, as events unfold in the US and reveal the inherent weakness of monetary policies orientated to cyclical fine-tuning and the support of stock marktes.

A tour de force of economic analysis.......1998-05-01

This book - authored by E.P. Davis the foremost expert in the study of financial crises - provides a comprehensive overview of the theory of financial fragility together with a review of a detailed review of a number of case studies. These range from the Herstatt crisis of the 1970s to the housing booms/busts in the UK and Scandanavia in the 1980s/1990s. It is essential reading for all economists seeking to understand the underlying factors at work in generating financial fragility. It should be required reading for those responsible for the supervision of financial institutions.

Credit Union Investment Management (Frank J. Fabozzi Series)

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Fabozzi is the best source for all things financial

Credit Union Investment Management (Frank J. Fabozzi Series)
Frank J. Fabozzi , and Mark B. Wickard
Manufacturer: Wiley
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Binding: Paperback

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Building Better Credit Unions

ASIN: 1883249139

Book Description

Credit Union Investment Management provides an in-depth examination of the methods executives use to achieve investment objectives and maximize returns on invested capital, while measuring and minimizing risk. Complete coverage includes: detailed features of investment vehicles, yield measures and their limitations, total return analysis, and stress testing.

Customer Reviews:

Fabozzi is the best source for all things financial.......2001-12-20

I am continually pleased with each and every fabozzi book I buy. The man is prolific and always provides you with real data, great overviews, and commentary by leading people in the field. This book is no exception.

Economic and Monetary Union in Europe: Moving beyond Maastricht

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Useful contribution to vital debate
This is a handbook of Euro

Economic and Monetary Union in Europe: Moving beyond Maastricht
Peter B. Kenen
Manufacturer: Cambridge University Press
ProductGroup: Book
Binding: Paperback

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ASIN: 0521558832

Book Description

This book provides a comprehensive account and analysis of the plan for European monetary union contained in the Maastricht Treaty. The provisions of the treaty itself are examined, showing how they evolved, what must be done to implement them, and some of the problems they will pose. Kenen goes far beyond the treaty, however, to survey and adapt recent research by economists on the benefits and costs of monetary unions, the conduct of monetary policy, and the consequences of large public deficits and debts.

Customer Reviews:

Useful contribution to vital debate.......2001-05-17

Professor Peter Kenen is a leading US expert on international economic relations. In this excellent little book, he analyses the prospects for Economic and Monetary Union.

Firstly, he shows the difficulties that countries are having when their governments try to meet the criteria for Economic and Monetary Union. He points out that in 1994 none of the twelve European Community countries met all four criteria; Italy and Portugal met none of them. Six countries failed the inflation test; two had interest rates too high; ten had fiscal deficits too high, and eight had excessive public debts.

Since then, European Union economies have stagnated or shrunk, so they are even further from meeting the criteria. Four of the six countries with debt ratios above 75 per cent of Gross Domestic Product (GDP) in 1993 ran bigger budget deficits in 1994 than in 1992, so they would have to make even bigger cuts in their deficits before they can start to cut their debt ratios.

The Governments are in a dilemma: they cannot cut their budget deficits quickly to the stipulated three per cent without depressing real economic activity. And the more they deflate their economies, the less popular support there is for Economic and Monetary Union. Professor Kenen sums up, "It is thus unlikely that a majority of EC countries will be ready for Stage Three in 1997, when a majority is required to set a starting date, and it may be hard to muster a majority in 1999 - although a majority is not needed then." Stage Three is supposed to start automatically in 1999!

Secondly, Kenen studies the likely results if Governments seriously try to meet the criteria. He cites Buiter et al, writing in Economic Policy: "Greece, Italy, Belgium and Ireland need serious fiscal retrenchment, but getting even halfway to the Maastricht debt targets ... involves dangerous fiscal overkill. A blatantly unrealistic debt target is unhelpful for these countries in designing effective fiscal programs." They write that the necessary scale of retrenchment would involve "the economics of the lunatic asylum."

Kenen also cites the Centre for European Policy Studies in Brussels, which says that "If the Maastricht targets are adhered to, something significant will have to give in terms of public expenditure in many EC countries, with social consequences which could be highly disruptive. Clawing back public deficits which are across the Community higher in GDP percentage terms than they have been at any moment since the EC was founded, at a time when more and more 'legitimate' demands are made on the public purse, looks increasingly like trying to run up a downward moving escalator."

Thirdly, Kenen looks at the costs of joining Economic and Monetary Union. He cites the economists Ghosh and Wolf who estimate that joining it would cost as much as 2.5 per cent of the European Union's total GDP. The European Union's own employment committee said that Economic and Monetary Union would destroy ten million jobs in the European Union.

Supporters of Economic and Monetary Union like to claim that it would curb the speculators, tame finance capital, and end financial crises. But what does Kenen conclude? "In the first years of Economic and Monetary Union, then, the G-7 countries may find it harder to agree on policies and strategies for exchange rate management, and Economic and Monetary Union may thus lead to exchange rate fluctuations wider than those seen since the Louvre Accord [of 1987]. That would be truly ironic. Economic and Monetary Union is meant to replace the EMS (European Monetary System), which emerged from the desire to create a zone of monetary stability in Europe. Yet the achievement of that goal may have the effect of producing greater exchange rate instability at the global level."

A single European currency would not end speculation. It would still be operating in the world of global speculative flows. A single currency would be the focus for speculation against the dollar and the yen, and a smaller number of currencies could generate even more rapid and destabilising speculative flows.

So, to sum up, Kenen's book shows us that Economic and Monetary Union would be extremely difficult and painful to achieve. It would mean savage cuts in public spending (an estimated £18 billion in Britain), a 2.5 per cent reduction in GDP, and greater exchange rate instability. The cuts in public spending would also increase unemployment, reduce wages and worsen our public services...

This is a handbook of Euro.......2000-08-10

EMU is the most important international economic event since the Bretton Woods Agreements of 1944.It will represent a further step in the process of economic integration within the European Union. The effects of the monetary union will be felt primarily in the Euro area participating countries. At the same time, Euro will affect international monetary system. Euro's taking its place among the major international currencies is going to be gradual. This process will be quite important for the countries those with the close economic relationships with the European Monetary Union member countries. This book is a must read for all interested in the Euro...

The Stability and Growth Pact: Experiences and Future Aspects (Schriftenreihe der Österreichischen Gesellschaft für Europaforschung (ECSA Austria) / European ... Association of Austria Publication Series)

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The Stability and Growth Pact: Experiences and Future Aspects (Schriftenreihe der Österreichischen Gesellschaft für Europaforschung (ECSA Austria) / European ... Association of Austria Publication Series)

Manufacturer: Springer
ProductGroup: Book
Binding: Paperback

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ASIN: 3211279644

Book Description

When the Euro was introduced in the EU, the Stability and Growth Pact (SGP) was one of the cornerstones of the architecture of fiscal policy in the Economic and Monetary Union (EMU). But the discussion about the necessity and functioning of the specific SGP fiscal rule never stopped since then. The call for a reform of the pact got momentum since many Member States of the euro area broke the regulations of the pact at least once. The reform of the SGP succeeded in 2005.

In this book, renowned lawyers and economists from all over Europe present their views about the legal and economic foundations of the SGP and its performance so far. The major part of the book deals with the economic problems with the pact, its theoretical basis, possible improvements and the implications of the reformed SGP. The book has the advantage not only to report and analyze the experiences with the old SGP but it offers also a first ex ante assessment of the future aspects of the reformed SGP.

These and other highly relevant issues make this book indispensable for everybody who is concerned with European integration and the functioning of EMU in particular.

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