This lecture is about the connections between three types of union - customs union, monetary union, and political union. The first section asks whether monetary integration is a concomitant of commercial integration. The second asks whether political integration is a concomitant of monetary...

This paper analyses exchange rate control measures adopted in Italy and Bulgaria during the interwar period. The first two sections provide a detailed account of the institutional and economic framework in which these measures were enforced and interpret them utilizing statistical data. In the...

The argument of this paper is that was never enough agreement between Britain and United States on the 'rules of the game' to make the Bretton Woods Agreement any more than a form of words to paper over the cracks. There were far too many contractual escape clauses and 'voluntary misunderstandings'.

European regulatory policy - making unfolds in the context of the diverse regulatory interests and traditions of member states. The latter meet in the European arena, have to be balanced and brought to a compromise. As aresult European regulation often gains features of a "policy patchwork" in...

In this lecture I will not be concerned with either the timetable or the mechanics of the transition from national currencies to full monetary union. Rather, I propose to deal with three topics - the economic rationale for monetary union, the type of EMU which the Maastricht Treaty is likely to...

In December 1995, the European Council, metting in Madrid, confirmed "unequivocally" that the third and final stage of economic and monetary union (EMU) will begin on January 1, 1999. The Council chose "euro" as the name of the new single currency and adopted a timetable for decisions and...

This paper interprets the Maastricht convergence criteria as an incentive mechanism that offers entry into European Monetary Union (EMU) as an uncertain reward for candidate countries' convergence efforts. Similarly, under the "stability pact" agreed at the Dublin summit in December 1996...

In December 1995, the European Council, metting in Madrid, confirmed "unequivocally" that the third and final stage of economic and monetary union (EMU) will begin on January 1, 1999. The Council chose "euro" as the name of the new single currency and adopted a timetable for decisions and...

In <i>Evolving Patterns in Global Trade and Finance</i>, Professor Sven W Arndt offers succinct and rigorous explanations of important developments in trade, finance and international monetary relations. Topics include economic and monetary integration, cross-border production networks, and...

Money has always been a difficult and complex concept and the views about what money actually is could hardly be more diverse. This is all the more true in the times of completely manipulated irredeemable paper currencies, the functioning of which is based almost completely on the extent to...