Economic, Monetary and Fiscal Policies
This book discusses monetary and fiscal policies needed for European Monetary Union (EMU) to function properly. As in this matter the view from Germany is fundamental, this book offers a particular German per- spective that should stimulate discussion and lead to more effective strate- gies for policymakers from all sides of this debate. John Ryan and John Loughlin, in their chapter on ‘Historical Monetary Unions: Lessons for the Current Eurozone Crisis’, examine three historical monetary unions: the Latin Monetary Union (LMU), the Scandinavian Monetary Union (SMU), and the Austro-Hungarian Monetary Union (AHMU) in an attempt to derive possible lessons for the EMU. Special attention is paid, in particular, to the importance of economic and political integration in the success and failure of historical monetary unions, with the goal of shedding light on the fraught question of whether sustained successful monetary union is possible without high levels of economic convergence in the common currency area and indeed fiscal and banking union. The chapter further discusses the political and institutional aspects and whether a federal set of arrangements is necessary in order to sustain monetary union successfully. ‘Towards a resilient EMU? The German inspired response to the Euro crisis assessed’ by Lothar Funk examines the emergency measures and ‘rules- of-the-game’ changes which were driven by particular German ordoliberal economic based ideas, although these measures and changes were seen as too pragmatic by many German economic experts. A comparison of various assessments of progress towards a more stable Eurozone by international institutions and...
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