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Capital movements --- Euro-dollar market --- Monetary policy --- Monetary unions --- Congresses

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The issue of whether constraints should be placed on fiscal policies when moving to European monetary union is examined in the context of the use of fiscal policy for macroeconomic stabilization purposes. Examples of shocks hitting French and German economies are considered: an appreciation of their joint exchange rate against other currencies, an inflation shock, and an oil price increase. Except in the third case, flexible use of fiscal policies in the two countries is likely to give better outcomes than a system with constraints on their use. For the oil price shock, there seems to be a good case for policy coordination, not for ceilings on fiscal deficits.

Balance of payments --- Current Account Adjustment --- Current account balance --- Current account deficits --- Current account --- Economic integration --- Exports and Imports --- Financial Aspects of Economic Integration --- Fiscal Policy --- Fiscal policy --- International economics --- Macroeconomics --- Monetary unions --- Public Finance --- Short-term Capital Movements --- France

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Monetary policy --- Monetary unions --- 334.151.20 --- 334.151.27 --- AA / International- internationaal --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden --- Europees monetair stelsel --- International finance --- European Union --- Currency question --- Money

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ume --- AA / International- internationaal --- 334.151.20 --- 334.151.27 --- emu --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden. --- Europees monetair stelsel. --- 339 EUR --- Monetary unions --- -European federation --- 337.142 --- Federation of Europe --- Pan Europa movement --- Paneuropean federation --- United States of Europe (Proposed) --- Federal government --- Regionalism (International organization) --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden --- Europees monetair stelsel --- EUROPE --- QUESTION MONETAIRE --- INTEGRATION ECONOMIQUE --- 20E SIECLE --- Intégration économique

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This paper presents an overview of the impact of the EC’s Internal Market on the EFTA countries. It starts by examining the history of EC-EFTA relations; the institutional and legal changes that closer cooperation may require; and the general implications of the Internal Market Program for EFTA countries. This is followed by an exploration of specific issues relating to the goods trade, transport services, labor mobility, financial services and capital flows. Subsequent chapters focus on the potential impact of the EC’s proposed monetary unification on EFTA countries and the implications of the EC’s efforts in the area of tax harmonization.

Banking --- Banks and Banking --- Banks and banking --- Banks --- Competition --- Depository Institutions --- Economic integration --- Exports and Imports --- Finance --- Finance: General --- Financial Aspects of Economic Integration --- Financial Institutions and Services: Government Policy and Regulation --- Financial markets --- Financial services industry --- Financial services --- General Financial Markets: General (includes Measurement and Data) --- Income economics --- Industries: Financial Services --- Industry Studies: Transportation and Utilities: General --- Infrastructure --- International economics --- Labor economics --- Labor Economics: General --- Labor --- Labour --- Macroeconomics --- Micro Finance Institutions --- Monetary unions --- Mortgages --- National accounts --- Saving and investment --- Transportation --- Iceland