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From the European Monetary System to Economic and Monetary Union — How and why?

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  • Niels Thygesen

Abstract

The paper starts from the premise that the Delors Report is the main point of reference to create economic and monetary union in the EC countries. After a brief review of the Report, the study focuses on the transition phase leading to union and in particular to the gradual transfer of monetary authority to the EC level. It is argued that the attribution of (i) adjustment of short-term interest differentials, (ii) intervention policy vis-a-vis third countries and (iii) changes in reserve requirements to the European System of Central Banks would give this new collective body significant centralized authority, while leaving ultimate power to national governments concerning realignments in the transition stage. Copyright Kluwer Academic Publishers 1990

Suggested Citation

  • Niels Thygesen, 1990. "From the European Monetary System to Economic and Monetary Union — How and why?," Open Economies Review, Springer, vol. 1(2), pages 201-227, June.
    • Handle: RePEc:kap:openec:v:1:y:1990:i:2:p:201-227
    DOI: 10.1007/BF01886165
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    Cited by:

    1. John Formby & Stefan Norrbin & Ryoichi Sakano, 1992. "The synchronization of business cycles across the European Community," Open Economies Review, Springer, vol. 3(3), pages 233-253, October.

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