Monetary Union

André Szász
Additional contact information
André Szász: Dutch Central Bank

Chapter 16 in The Road to European Monetary Union, 1999, pp 147-153 from Palgrave Macmillan

Abstract: Abstract Monetary Union, as defined in the Werner Report as well as in the Delors Report, means permanently fixed exchange rates and full convertibility without fluctuation margins. In effect this implies a single currency, preferred in both reports in form as well as in substance. It requires a common monetary policy pursued by a European Central Bank. One of the main differences between the two reports is that the Delors Report explicitly stated that the European Central Bank should be committed to price stability and should be independent of political instructions. It meant adopting the Bundesbank model for Europe, even though most member states had different models which they would have preferred to transfer to the European level. Consensus on this point was reached not because it reflected political preferences of all or even most concerned—which it did not—but because no German concurrence could have been obtained otherwise.

Keywords: Monetary Policy; Central Bank; European Central; Price Stability; European Monetary (search for similar items in EconPapers)
Date: 1999
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59947-5_16

Ordering information: This item can be ordered from
http://www.palgrave.com/9780230599475

DOI: 10.1057/9780230599475_16

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().