European Monetary Union and Exchange Rate Dynamics New Approaches an
The creation of the European System of Central Banks (ESCB) and the start of the Euro in 1999 are historical marks for Europe. With the start of the new currency and the ECB the world economy also is facing a major structural change and new challenges. In
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Springer-Verlag Berlin Heidelberg GmbH
Paul
J. J.
Welfens
European Monetary Union and Exchange Rate Dynamics New Approaches and Application to the Euro With 26 Figures and 12 Tables
,
Springer
Prof. Dr. Paul J.J. Welfens University of Potsdam European Institute for International Economic Relations (EIIW) August-Bebel-Str. 89 14489 Potsdam Germany http://www.euroeiiw.de
ISBN 978-3-642-63228-0 Library of Congress Cataloging-in-Publication Data applied for Die Deutsche Bibliothek - CIP-Einheitsaufnahme Welfens, Paul J. J.: European Monetary Union and Exchange Rate Dynamics: New Approaches and Application to the Euro; with 12 tables/Paul J.J. Welfens. - Berlin; Heidelberg; New York; Barcelona; Hong Kong; London; Milan; Paris; Singapore; Tokyo: Springer, 2001 ISBN 978-3-642-63228-0 ISBN 978-3-642-56913-5 (eBook) DOI 10.1007/978-3-642-56913-5 This work is subject to copyright. Ali rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under the German Copyright Law. CI Springer-Verlag Berlin Heidelberg Originally published by Springer-Verlag Berlin· Heidelberg 2001 Softcover reprint ofthe hardcover Ist edition 2001 The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Hardcover-Design: Erich Kirchner, Heidelberg SPIN 10733702 43/2202-5 4 3 2 1 O - Printed on acid-free paper
Preface The creation of the European System of Central Banks (ESCB) and the start of the Euro in 1999 are historical marks for Europe. With the start of the new currency and the ECB the world economy also is facing a major structural change and new challenges. In a historical perspective the European Monetary Union has the unique feature that a common new institution, the ECB, has been created. This is in marked contrast to the Scandinavian and the Latin Monetary Union (France, Italy, Belgium and Switzerland) in the late 19th century which was a period in which national central banks were created in order to stabilize the respective national financial systems. In the starting year 1999 the European Central Bank had favorable conditions in the sense that low inflation rates and an economic upswing had coincided; while this should contribute to a Euro appreciation in the long run the short term exchange rate developments were in marked contrast as the new currency lost about 115 of its value within 16 months; while exchange rate volatility has not been unusual in the 1980s
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