The Road to Monetary Union in Europe The Emperor, the Kings, and the Genies

by Padoa-Schioppa, Tommaso

• ISBN13: 9780199241767
• ISBN10: 0199241767
• Edition: Revised
• Format: Paperback
• Copyright: 2001-03-01
• Publisher: Oxford University Press

Summary

This is an indispensable guide to the processes that led to the creation of the European single market and the signing of the Maastricht Treaty. The new edition has been expanded to assess the economic, monetary, political, and institutional significance of the euro. It also reconsiders the rationale and underlying philosophy of EMU in the light of the developments of the past decade.

Author Biography

Tommaso Padoa-Schioppa is a member of the Executive Board of the European Central Bank. Previously he was affiliated to the Bank of Italy and the European Commission, and was Secretary of the Delors Committee.

Table of Contents

Introduction: What Went Right? The Emperor, the Kings, and the Genies	1	(11)
I THE EMS AND ECONOMIC STABILIZATION
Rules and Institutions in Multi-Country Economies	11	(15)
Capital Mobility: Why is the Treaty Not Implemented?	26	(18)
Lessons from the European Monetary System	44	(18)
The ECU's Coming of Age	62	(21)
II THE SINGLE EUROPEAN ACT AND ITS LIMITS
After the Single European Act: Efficiency, Stability, and Equity	83	(10)
The EMS is not Enough: The Need for Monetary Union	93	(20)
III FROM THE DELORS COMMITTEE TO THE MAASTRICHT TREATY
The Delors Report: From Intentions to Action	113	(13)
Monetary Union and Competition	126	(15)
Fiscal Compatibility and Monetary Constitution	141	(20)
Monetary Union and Political Union	161	(7)
On the Eve of Maastricht	168	(13)
After the Storm	181	(26)
Appendix 1. Sources of the Chapters	207	(2)
Appendix 2. Chronology	209	(16)
Appendix 3. Conclusions of the European Council: 1988-1998	225	(14)
Appendix 4. Economic and Monetary Union in the Treaty of Maastricht	239	(8)
Appendix 5. Protocol on the Statute of the European System of Central Banks and of the European Central Bank and Three Other Protocols Relating to EMU	247	(6)
Appendix 6. Stability and Growth Pact	253	(2)
References	255	(8)
Index	263