By Francisco Torres, Francesco Giavazzi
This quantity analyzes the ecu Community's transition to financial and fiscal union (EMU) within the mild of the agreements reached at Maastricht final yr. It derives from a convention held via the CEPR and the financial institution of Portugal, and contains between its members a couple of famous educational commentators on eu integration. the problems addressed within the quantity comprise: the connection among a typical forex and inflation convergence; the results of economic unification on Europe's more and more built-in monetary markets and financial platforms; and EMU's implications for the EC's long term progress.
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Additional info for Adjustment and Growth in the European Monetary Union
It is clear, however, that any significant change towards pooling of decision-making over national policy instruments, notably short-term interest rates, or towards assigning any collective policy instruments to the EMI must now be regarded as virtually excluded. Yet a new case can be made, in the light of the present timetable for Stage II of 3-5 years, for joint experimentation with a policy instrument to influence aggregate money creation in the Community, namely, reserve requirements on bank deposits by EC residents.
These four criteria are specified in quantitative detail in a separate protocol. 4 A governmental deficit is not excessive, as already noted, if the deficit/GDP ratio is below 3% and the debt/GDP ratio is, at most, 60%, or if substantial and continuous progress has been made in approaching a level close to these reference values (Article 104 c). The 16 Niels Thygesen reports will, finally, 'take account of the development of the ECU, the results of the integration of markets, the situation and development of the balance of payments on current accounts and an examination of the developments of unit labour costs and other price indices'.
Sergio Rebelo, in Chapter 5, examines, using data for Portugal, the extent to which the slow convergence of inflation could be the result of real forces that produce an appreciation in the relative price of nontradables. Portugal's overall inflation rate fell by less than two percentage points towards the average of the exchange rate mechanism after the escudo began to shadow the ERM narrow band in 1990. Inflation in the traded-goods sector converged, while inflation in the non-traded-goods sector did not; so an essential part of the story was the persistent rise in the relative price of non-tradables to tradables.