The European Single Market Monetary and Fiscal Policy Harmonization
THE EUROPEAN SINGLE MARKET This volume comprises a collection of papers, some of which were presented at different workshops organized by the European Economics and Financial Centre (London), in conjunction with various European central banks. In addition
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The European Single Market Monetary and Fiscal Policy Harmonization Edited by H.M. Scobie Executive Director, European Economics and Financial Centre, London, UK
SPRINGER-SCIENCE+BUSINESS MEDIA, B.V.
First edition 1994 © 1994 Springer Science+Business Media Dordrecht Originally published by Chapman & Hali in 1994 Softcover reprint of the hardcover 1st edition 1994 Typeset in 10/12 Times by Interprint, Malta.
ISBN 978-94-010-4569-8 ISBN 978-94-011-1304-5 (eBook) DOI 10.1007/978-94-011-1304-5 Apart from any fair dealing for the purposes of research or private study, or criticism or review, as permitted under the UK Copyright Designs and Patents Act, 1988, this publication may not be reproduced, stored, or transmitted, in any form or by any means, without the prior permission in writing of the publishers, or in the case of reprographic reproduction only in accordance with the terms of the licences issued by the Copyright Licensing Agency in the UK, or in accordance with the terms of licences issued by the appropriate Reproduction Rights Organization outside the UK. Enquiries concerning reproduction outside the terms stated here should be sent to the publishers at the London address printed on this page. The publisher makes no representation, express or implied, wth regard to the accuracy of the information contained in this book and cannot accept any legal responsibility or liability for any errors or omissions that may be made. A catalogue record for this book is available from the British Library Library of Congress Catalog Card Number: 93-74443
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Contents
List of contributors
vii
Glossary
ix
Introduction
xi
1 Concerns and uncertainties for macroeconomic policy H. SUnland
1
2 Trade and financial relationships between the US and Europe H.M. Scobie
11
3 What might explain the September 1992 speculative attacks on the French franc? P.P. Moutot
23
4 Interest rate determination across the maturity spectrum in a small open economy: the case of Switzerland F. Ettlin and M. Bernegger
45
5 Credibility and exchange rate policies: the Belgian experience J. Michielsen
65
6 EMU - The issues for banks A. Gubitz
71
7 Monetary and fiscal policy in a monetary union P.S. Pollard
83
8 Growth and specialization in an enlarged Europe: is a virtuous circle possible? e.A. Bollino and P.e. Padoan
109
9 Exchange rate regime and central bank independence in a small volatile economy: the case of Iceland M. Gudmundsson
129
10 The twin-debt problem in an interdependent world R. de Groof and M. van Tuijl
145
vi
Contents
11 Implied versus historical volatility: an empirical test of the efficiency of the currency options market C. Dunis 12 The past as prologue: a retrospective on the EC negotiations D.P. Hanson, C. Lackman and T. Petinaux Index
165 181
197
Contributors
C.A. Bollino
Director General, ISPE, Rome
P.e. Padoan
Professor of Economics, Universita La
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