"Transition to a single money for Europe: is there room for a 'hard ECU'?"

Kaufmann, Hugo M. (1991) "Transition to a single money for Europe: is there room for a 'hard ECU'?". In: UNSPECIFIED, Fairfax, Virginia. (Unpublished)

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Abstract

[From the Introduction]. What are the major issues involved in our topic? The questions are: first, given that there is a "Europe 1992", the creation of a Single European market (SEM) in the real sector, what, if any, are, or must be, the implications for the monetary sector. Second, whether and if so, at which stage of economic integration and the creation of a Single European Market (SEM) do the EC countries have to be melded into an economic and monetary union (EMU). Second, there is the related issue the most appropriate, that is, least costly or most beneficial way of "sequencing", an issue that is playing an important role in the debate over the transformation of central and eastern European countries from centrally planned to market-type economies. In our case the transition process deals with the merging of national financia1 markets, the creation of a well-functioning EC-wide financial sector, and how best to move from the present exchange rate arrangement of the European Monetary System (EMS) with its Exchange Rate Mechanism (ERM) to a fixed-exchange rate mechanism and, ultimately to an EMU for the Twelve (the Nineteen, or whatever number there will ultimately be). Third, what are the expected major costs and benefits of EMU. And, finally, how will a single European currency affect the benefits and the costs to the Community and/or the individual countries. I shall highlight some of the major concerns.

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