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The ECU and European Monetary Integration by P. de Grauwe, Paul de Grauwe, T. Peeters

By P. de Grauwe, Paul de Grauwe, T. Peeters

The production of the eu in 1979 as a part of the newly verified eu financial process used to be greeted with frequent scepticism, few expected the luck it will have in deepest monetary markets. The macroeconomic and microeconomic implications of the eu and its importance for financial integration in Europe are thought of through numerous members from lecturers to these in banking circles. present study is tested and the theoretical and empirical facets of the emergence of the european as a car for ecu policy-making are thought of to supply insights as to its destiny development.

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The ECU and European Monetary Integration

The construction of the eu in 1979 as a part of the newly demonstrated eu financial process was once greeted with frequent scepticism, few anticipated the luck it will have in inner most monetary markets. The macroeconomic and microeconomic implications of the european and its value for financial integration in Europe are thought of by way of various individuals from teachers to these in banking circles.

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1986, p. 8). Today. the central banks function in various institutional and legal environments, with differing operating procedures among the EMS countries. The trend, however, is toward common procedures-using open-market operations to control central-bank money and imposing minimum reserve requirements (BIS, 1986a, p. 132). The development of the ECU as a parallel currency will increase pressures toward standardization of monetary procedures. u A high degree of substitutability between ECU instruments and domestic-currency instruments can also create problems in controlling the monetary aggregates.

C. Riemersma! : Richard D. Irwin). E. (1931) The Pound Sterling: A History of English Money (Oxford: Clarendon Press). Fisher, I. (1922] (1965) The Purchasing Power of Money (New York: Augustus M. Kelley). Fraas. A. (1974) 'The Second Bank of the United States: An Instrument for an Interregional Monetary Union', Joumal of Economic History, vol. 34 (2) (June). pp. 447-62. Giavazzi, F. and A. ' Note di Lavoro, no. 8602, Dipartimento di Scienze Economiche. Universita degli Studi di Venezia. Glassman, D.

25 26 II The ECU and Monetary Management in Europe HOW TO CHARACTERIZE THE PRIVATE ECU? Analysis of the private ECU is problematic because the ECU is unprecedented. Other currency baskets have existed, and still exist. but none except the ECU has crossed that crucial barrier from a currency basket to a basket currency. 2 While the ECU today is not a full currency, it already has several essential characteristics of a currency. It is used in the international financial markets in the conventional roles of money- as a medium of exchange, a store of value, and a unit of account.

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