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| Author: | Marterbauer, M. Polt, W. |
| Title: | On the political economy of the monetary integration in Europe |
| Journal: | Evropska priloga casopisa Vestnik
1996 : SPRING, p. 40 |
| Index terms: | |
| Freeterms: | EU, EMU, economy, economic policy, monetary policy, central banks |
| Language: | slv |
| Abstract: | The authors present their normative view that European economic policy should focus its attention on real economic goals, above all employment.A necessary precondition is to relieve the monetary policy from the overwhelming dominance of speculative financial markets, and to achieve exchange-rate stabilty.The power of financial markets can be mitigated by increasing transaction costs and by restricting trade with financial derivates.To stabilize exchange-rates, a monetary union should immediately be established between countries that fulfill convergence criteria.The authority over monetary policy should be delegated to an independent European Central Bank, but its actions should be coordinated with other policies.For example, an employment union should also be established. (p. 40) |
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