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As Europe proceeds towards economic and monetary union, fiscal convergence and the prospect of a common money are at the centre of discussion. This volume from the Centre for Economic Policy Research brings together theoretical, applied and historical research on the management of public debt and its implications for financial stability. Gale fills a gap in the literature, using a consistent framework to investigate the welfare economics of public debt, while Calvo and Guidotti analyse the trade-off between indexation and maturity when it comes to minimizing debt service. Confidence crises have become relevant again in view of the high debt ratios in countries such as Belgium, Italy and Ireland. Alesina, Prati and Tabellini develop a formal model of the propagation of a debt run and use it to interpret Italian debt panics. Giavazzi and Pagano concentrate on how inappropriate debt management can precipitate a run on the currency while Makinen and Woodward review a broad sweep of historical experience.

Debts, Public --- Deficit financing --- History --- Congresses. --- 336.3 <4> --- -Debts, Public --- -Deficit financing --- -#ECO:01.10:economie overheid financiën begroting beleid --- 336.3 --- dette publique --- management --- AA / International- internationaal --- EUR / Europe - Europa --- IT / Italy - Italië - Italie --- US / United States of America - USA - Verenigde Staten - Etats Unis --- 336.32 --- 336.314 --- 336.61 --- 336.300 --- 336.310 --- 336.301 --- 336.311.0 --- -336.3609 --- 336.34 --- Compensatory spending --- Deficit spending --- Financing, Deficit --- Budget deficits --- Finance, Public --- Full employment policies --- Debts, Government --- Government debts --- National debts --- Public debt --- Public debts --- Sovereign debt --- Debt --- Bonds --- Nationale schulden. Staatsschulden. Openbare schulden. Staatslening. Staatsfondsen. Staatsbankroet--Europa --- -Congresses --- openbare schuld --- Beheer van de rijksschuld. Road shows. --- Conversie van leningen van de overheid. --- Financieel beleid. --- Overheidskrediet en rijksschuld: naslagwerken en principes. --- Techniek van het overheidskrediet: algemeenheden. --- Toestand, structuur, rentelast en evolutie van de rijksschuld. --- Vormen van leningen: algemeenheden. --- -History --- Business, Economy and Management --- Economics --- -336.3 <4> --- 336.3 <4> Nationale schulden. Staatsschulden. Openbare schulden. Staatslening. Staatsfondsen. Staatsbankroet--Europa --- 336.3609 --- #ECO:01.10:economie overheid financiën begroting beleid --- History&delete& --- Congresses --- Overheidskrediet en rijksschuld: naslagwerken en principes --- Toestand, structuur, rentelast en evolutie van de rijksschuld --- Techniek van het overheidskrediet: algemeenheden --- Vormen van leningen: algemeenheden --- Conversie van leningen van de overheid --- Beheer van de rijksschuld. Road shows --- Financieel beleid --- E-books --- Debts [Public] --- Italy --- Europe --- United States --- Debts, Public - Italy - History - Congresses. --- Debts, Public - Europe - History - Congresses. --- Debts, Public - United States - History - Congresses. --- Deficit financing - History - Congresses. --- DETTE PUBLIQUE --- DEFICIT PUBLIC --- FINANCEMENT

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International finance --- European Union --- Monetary unions --- -Monetary policy --- -EEC / European Union - EU -Europese Unie - Union Européenne - UE --- 334.151.20 --- 332.494 --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Common currencies --- Currency areas --- Currency unions --- Optimum currency areas --- Currency question --- Money --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden. --- Economic and Monetary Union --- EMU --- WWU --- Europäische Wirtschafts- und Währungsunion --- Unión Económica y Monetaria Europea --- Oikonomikē kai Nomismatikē Henōsē --- ONE --- European Monetary Union --- Talous- ja rahaliitto --- Unione monetaria --- Euroopan talous- ja rahaliitto --- Rahaliitto --- European Economic and Monetary Union --- UME --- Unione monetaria europea --- EWWU --- Unión Monetaria Europea --- Ekonomiska och monetära unionen --- Union monétaire européenne --- Union économique et monétaire européenne --- UEM --- Unia Gospodarcza i Walutowa --- Europe --- Economic integration. --- Monetary policy --- Economic and Monetary Union. --- International economic integration. --- Intégration économique internationale --- Unions monétaires --- Politique monétaire --- European Central Bank --- European Central Bank. --- Economic integration --- Intégration économique --- EEC / European Union - EU -Europese Unie - Union Européenne - UE --- Economische en monetaire unie van de Europese Gemeenschappen: algemeenheden

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Europe's financial crisis cannot be blamed on the Euro, Harold James contends in this probing exploration of the whys, whens, whos, and what-ifs of European monetary union. The current crisis goes deeper, to a series of problems that were debated but not resolved at the time of the Euro's invention. Since the 1960's, Europeans had been looking for a way to address two conundrums simultaneously: the dollar's privileged position in the international monetary system, and Germany's persistent current account surpluses in Europe. The Euro was created under a politically independent central bank to meet the primary goal of price stability. But while the monetary side of union was clearly conceived, other prerequisites of stability were beyond the reach of technocratic central bankers. Issues such as fiscal rules and Europe-wide banking supervision and regulation were thoroughly discussed during planning in the late 1980's and 1990's, but remained in the hands of member states. That omission proved to be a cause of crisis decades later. Here is an account that helps readers understand the European monetary crisis in depth, by tracing behind-the-scenes negotiations using an array of sources unavailable until now, notably from the European Community's Committee of Central Bank Governors and the Delors Committee of 1988-89, which set out the plan for how Europe could reach its goal of monetary union. As this foundational study makes clear, it was the constant friction between politicians and technocrats that shaped the Euro. And, Euro or no Euro, this clash will continue into the future.

Monetary unions --- Monetary policy --- Economic and Monetary Union. --- EMU --- WWU --- Europäische Wirtschafts- und Währungsunion --- Unión Económica y Monetaria Europea --- Oikonomikē kai Nomismatikē Henōsē --- ONE --- European Monetary Union --- Talous- ja rahaliitto --- Unione monetaria --- Euroopan talous- ja rahaliitto --- Rahaliitto --- European Economic and Monetary Union --- UME --- Unione monetaria europea --- EWWU --- Unión Monetaria Europea --- Ekonomiska och monetära unionen --- Union monétaire européenne --- Union économique et monétaire européenne --- UEM --- Unia Gospodarcza i Walutowa --- Europe --- Economic integration.

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Zonder onderwerpscode: economie