Report

A European Central Bank? Perspectives on Monetary Unification after Ten Years of the EMS

This volume examines the issues raised by European monetary unification. An introduction describes recent monetary developments and identifies the motivations for creating a European central bank. Theoretical papers analyse the interactions of capital controls, financial intermediation and seigniorage in open economics; the optimal design of centralized banks of issue of sovereign countries; and some aspects of the 'optimal currency area' question. The empirical papers provide new evidence and interpretation of inflation experience across Europe and the attitudes of European central bankers about inflation and unemployment. The historical papers describe the experience of currency unification in Germany and Italy in the 19th century and the creation of the US Federal Reserve System. The volume concludes with a panel discussion on the feasibility of European monetary unification, featuring leading academics and central bankers.

Citation

Giovannini, A and M De Cecco (eds) (1989), ‘A European Central Bank? Perspectives on Monetary Unification after Ten Years of the EMS‘, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/european-central-bank-perspectives-monetary-unification-after-ten

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Spaventa, L and M Bruno (1989), ‘Overview of Chapters 2 and 3: A European Central Bank? Perspectives on Monetary Unification after Ten Years of the EMS‘, in Giovannini, A and M De Cecco (eds), A European Central Bank? Perspectives on Monetary Unification after Ten Years of the EMS, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/european-central-bank-perspectives-monetary-unification-after-ten

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Giovannini, A and M De Cecco (1989), ‘Does Europe need its own central bank?‘, in Giovannini, A and M De Cecco (eds), A European Central Bank? Perspectives on Monetary Unification after Ten Years of the EMS, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/european-central-bank-perspectives-monetary-unification-after-ten

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Drazen, A, M Pagano and G Calvo (1989), ‘Monetary policy, capital controls and seigniorage in an open economy‘, in Giovannini, A and M De Cecco (eds), A European Central Bank? Perspectives on Monetary Unification after Ten Years of the EMS, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/european-central-bank-perspectives-monetary-unification-after-ten

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Grilli, V, L Spaventa and R Dornbusch (1989), ‘Seigniorage in Europe‘, in Giovannini, A and M De Cecco (eds), A European Central Bank? Perspectives on Monetary Unification after Ten Years of the EMS, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/european-central-bank-perspectives-monetary-unification-after-ten

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Stockman, A, W Branson, F Padoa Schioppa and G Bertola (1989), ‘Factor mobility, uncertainty and exchange rate regimes‘, in Giovannini, A and M De Cecco (eds), A European Central Bank? Perspectives on Monetary Unification after Ten Years of the EMS, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/european-central-bank-perspectives-monetary-unification-after-ten

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Persson, T, G Tabellini and A Casella (1989), ‘Management of a common currency‘, in Giovannini, A and M De Cecco (eds), A European Central Bank? Perspectives on Monetary Unification after Ten Years of the EMS, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/european-central-bank-perspectives-monetary-unification-after-ten

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Flemming, J, A Giovannini and C Carraro (1989), ‘The tastes of European central bankers‘, in Giovannini, A and M De Cecco (eds), A European Central Bank? Perspectives on Monetary Unification after Ten Years of the EMS, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/european-central-bank-perspectives-monetary-unification-after-ten

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Cohen, D, C Wyplosz and A Alesina (1989), ‘The costs and benefits of a European currency‘, in Giovannini, A and M De Cecco (eds), A European Central Bank? Perspectives on Monetary Unification after Ten Years of the EMS, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/european-central-bank-perspectives-monetary-unification-after-ten

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Portes, R and C Holtfrerich (1989), ‘The monetary unification process in nineteenth-century Germany: relevance and lessons for Europe today‘, in Giovannini, A and M De Cecco (eds), A European Central Bank? Perspectives on Monetary Unification after Ten Years of the EMS, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/european-central-bank-perspectives-monetary-unification-after-ten

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Sannucci, V, G Toniolo and C Goodhart (1989), ‘The establishment of a central bank: Italy in the nineteenth century‘, in Giovannini, A and M De Cecco (eds), A European Central Bank? Perspectives on Monetary Unification after Ten Years of the EMS, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/european-central-bank-perspectives-monetary-unification-after-ten

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Eichengreen, B, J Miron and M De Cecco (1989), ‘The founding of the Fed and the destabilisation of the post-1914 US economy‘, in Giovannini, A and M De Cecco (eds), A European Central Bank? Perspectives on Monetary Unification after Ten Years of the EMS, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/european-central-bank-perspectives-monetary-unification-after-ten

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Thygesen, N, W Rieke, M Russo and R Masera (1989), ‘Panel discussion on the prospects for a European Central Bank‘, in Giovannini, A and M De Cecco (eds), A European Central Bank? Perspectives on Monetary Unification after Ten Years of the EMS, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/european-central-bank-perspectives-monetary-unification-after-ten