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EMU and transatlantic economic relations

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  • Kenen, Peter B.

Abstract

When I wrote my book on EMU four years ago (Kenen 1995), very little had been written on the international dimensions of EMU There was a chapter in the Commission's path-breaking study (European Commission, 1990). There were papers by Alogoskoufis and Portes (1991, 1992), Cooper (1992), Goodhart (1992), Mundell (1993), and Williamson (1992), and there were a few working papers by economists at the Board of Governors of the Federal Reserve System (Edison and Kole, 1994; Johnson, 1994; and Leahy, 1994), but little else. The literature has grown hugely in the last two years, however, and it is hard to say something new about the whole subject or the narrower topic covered by this paper. As I cannot be very original, I will try at least to be controversial--to suggest that EMU will not dramatically alter the economic environment aor lead, as some believe, to large changes in existing institutions. This paper has three main parts. The first part deals with attitudes toward EMU in the United States. It is addressed to European readers who believe that American academics and officials are indifferent or hostile to EMU. The second part asks how EMU may affect the monetary and economic environment and how the new environment may affect transatlantic cooperation. The third part looks at institutional arrangements. It does not deal with the complex problems posed by EMU for the International Monetary Fund; it focuses instead on the membership and functioning of the G-7 and G-10, the two informal groups that provide the frame-work for cooperation among the major industrial countries.1 (This part of the paper has benefitted from the meeting of a workshop at Princeton University in April 1998, where academics and officials from Europe, the United States, and Japan discussed the implications of EMU for international economic cooperation.)

Suggested Citation

  • Kenen, Peter B., 1998. "EMU and transatlantic economic relations," HWWA Discussion Papers 60, Hamburg Institute of International Economics (HWWA).
  • Handle: RePEc:zbw:hwwadp:26164
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    References listed on IDEAS

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    1. Hélène Rey, 2001. "International Trade and Currency Exchange," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 68(2), pages 443-464.
    2. Richard Portes & Hélène Rey, 1998. "The emergence of the euro as an international currency," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 13(26), pages 306-343.
    3. McCauley, R.N., 1997. "The Euro and the Dollar," Princeton Essays in International Economics 205, International Economics Section, Departement of Economics Princeton University,.
    4. Mali J. Edison & Linda S. Kole, 1995. "European monetary arrangements: Implications for the dollar, exchange rate variability and credibility," European Financial Management, European Financial Management Association, vol. 1(1), pages 61-86, March.
    5. Martin Feldstein, 1997. "The Political Economy of the European Economic and Monetary Union: Political Sources of an Economic Liability," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 23-42, Fall.
    6. Mr. Paul R Masson & Mr. Bart Turtelboom, 1997. "Characteristics of the Euro, the Demand for Reserves, and Policy Coordination Under EMU," IMF Working Papers 1997/058, International Monetary Fund.
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    1. Soós, Károly Attila, 2023. "Paul De Grauwe: Economics of Monetary Union. Oxford University Press, Oxford, 2022, 320 o [Paul De Grauwe: Economics of Monetary Union. Oxford University Press, Oxford, 2022, 320 p]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(10), pages 1173-1187.
    2. C. Randall Henning, 2006. "The External Policy of the Euro Area: Organizing for Foreign Exchange Intervention," Working Paper Series WP06-4, Peterson Institute for International Economics.
    3. Soós, Károly Attila, 2021. "Az optimális valutaövezet két elmélete - aszimmetrikus sokkok és nemzetközi pénzügyi integráció [Principles of optimal currency areas: asymmetric shocks and international financial integration]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(12), pages 1250-1275.

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