Book
The Impact of EMU on Europe and the Developing Countries

Much has been written about EMU, mostly concerning its desirability and whether it will ever come to exist. Now it is here, and likely to stay. The 'next generation' of research on EMU is already under way, and this volume presents a significant sample of that research. The authors explore questions such as: How do central bankers who used to run their own banks now melt into a single pot? Are labour markets going to shape up? Is the euro becoming a world currency? "The Impact of EMU on Europe and the Developing Countries" is outward-looking, examining the impact of EMU on the rest of the world—-the developing and transition countries—-and the likely evolution of trade patterns inside and outside Europe. This book, written by leading authorities in the field, will appeal to researchers and graduate students by providing immediate access to a wide range of up-to-date work on EMU.

Table of contents
  1. Part I: Introduction
    1. Introduction and Overview
    Charles Wyplosz
  2. Part II: Impact on Europe
    2. Monetary Union and Fiscal Federalism
    Kenneth Kletzer and Jürgen von Hagen
  3. Part II: Impact on Europe
    3. Accountability, Credibility, Transparency and Stabilization Policy in the Eurosystem
    Alex Cukierman
  4. Part II: Impact on Europe
    4. The Role of National Central Banks and of Different Policy Cultures
    Harald Uhlig
  5. Part II: Impact on Europe
    5. Games for Central Bankers: Markets versus Politics in Public Policy Decisions
    Alessandra Casella
  6. Part II: Impact on Europe
    6. Will EMU Increase Eurosclerosis?
    Gilles Saint-Paul and Samuel Bentolila
  7. Part II: Impact on Europe
    7. Growing Alike or Growing Apart?: Industrial Specialization of EU Countries
    Marius Brülhart
  8. Part II: Impact on Europe
    8. EMU Effects on International Trade and Investment
    Harry Flam and Per Jansson
    More Working Paper | EMU Effects on International Trade and Investment
  9. Part III: Impact on the Rest of the World
    9. European Financial Markets after EMU: A First Assessment
    Jean-Pierre Danthine, Francesco Giavazzi and Ernst-Ludwig von Thadden
  10. Part III: Impact on the Rest of the World
    10. The Currency Composition of Foreign Exchange Reserves: Retrospect and Prospect
    Barry Eichengreen and Donald J. Mathieson
    More Working Paper | The Currency composition of Foreign Exchange Reserves
  11. Part III: Impact on the Rest of the World
    11. EMU and the Developing Countries
    Benjamin J. Cohen
    More Working Paper | EMU and the Developing Countries
  12. Part III: Impact on the Rest of the World
    12. Will the Euro Trigger More Monetary Unions in Africa?
    Patrick Honohan and Philip R. Lane
    More Working Paper | Will the Euro Trigger More Monetary Unions in Africa?
  13. Part III: Impact on the Rest of the World
    13. Will the Emergence of the Euro Affect World Commodity Prices?
    John T. Cuddington and Hong Liang
    More Working Paper | Will the Emergence of the Euro Affect World Commodity Prices?
  14. Part III: Impact on the Rest of the World
    14. The Impact of EMU on European Transition Economies: Commitment, Institutional Capacity and the Monetary-Fiscal Mix
    David Begg
    More Working Paper | The Impact of EMU on European Transition Economies
  15. Part IV: Conclusions
    15. A Critical View and the Research Agenda
    Charles Wyplosz
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