61. Speech: The International Monetary System: Facing The Challenge Of Globalization the underlying question Can a globalized economy function in the long run without a global currency? the establishment of a world monetary system, or will http://www.iie.com/publications/papers/balladur0599.htm

Speeches, Testimony, Papers The International Monetary System: Facing the Challenge of Globalization Eduard Balladur Presented at the Institute for International Economics Washington, DC May 25, 1999 French Version Multilateral institutions also must shoulder some of the blame for the crisis we have just experienced. Their interventions have not always been appropriate for preventing the recent crises or indeed for solving them. They may have encouraged governments and local banks as well as international investors to take excessive risks in the emerging countries. The application of predetermined solutions may also have helped aggravate the crises under way. Most important, however, the international community has tended to intervene belatedly because of the decline of the G-7 and the problems this created for international monetary cooperation. The efficiency of the multilateral financial institutions was severely undermined as a result. The combination of these three factors seems a plausible explanation for the escalating intensity of the crises and the ever-greater resources that the international community has had to deploy to deal with them. In my view, however, the decline of the G-7 and of monetary cooperation bears a special responsibility in this development. The decline has substantially weakened the scope of preventive action by the multilateral financial institutions in response to governments' economic policies and to unstable investor behavior. Countries whose financial systems had not been adjusted were allowed to lift all controls on capital movements with the rest of the world, and in some cases they were actually encouraged to do so.

62. Paper: The Renminbi Exchange Rate And The Global Monetary System The Renminbi Exchange Rate and the Global monetary System. If one concludes that a currency is misaligned, then outcomes by a measure of economic activity and http://www.iie.com/publications/papers/williamson1103.htm

Speeches, Testimony, Papers The Renminbi Exchange Rate and the Global Monetary System John Williamson Institute for International Economics Outline of a lecture delivered at the Central University of Finance and Economics Beijing, China October 29, 2003 China may not welcome the attention that has been bestowed on the question of the renminbi exchange rate in recent months, but it is a symptom of the fact that the country has emerged as a significant force in the global economy. That attention is not going to go away. China must learn to live with its new role, just as the rest of the world has to learn to live with an emergent China. It is an honor to have this opportunity of contributing to the process of thinking through what that implies. I propose to address three topics in this lecture. First, I will try and explain what I mean by a "fundamental equilibrium exchange rate" (FEER) and describe how it is calculated. Second, I will examine what this approach suggests about the desirable value of the renminbi at the present time. I will argue that a substantial renminbi appreciation is indeed desirable, including from the standpoint of China's own needs. Third, I will explain why I believe the Chinese authorities were right to reject the suggestion that they should abolish capital controls and float the renminbi.

63. Archive Search -- WSJ Interactive Edition In theory, it could work like the planned European economic and monetary union that calls of a single central bank that will issue a common currency to be http://pages.stern.nyu.edu/~nroubini/Emu/EMUGoodForSmallEconomiesWSJ1097.htm

Resources: Briefing Books Quotes Journal Links Special Reports ... Contact Us The Wall Street Journal Interactive Edition October 20, 1997 The Outlook LONDON Should small, developing countries dump their national currencies and adopt the currency of a larger nation? Amid the Asian currency crisis, some monetary experts say that is one alternative such countries should consider. It is a provocative notion. After shucking off colonialism or, in some cases, military occupation, emerging nations might bristle at the idea of being subsumed by a larger power. But in a world of mobile money, where huge hedge funds wield more capital than many countries have in foreign reserves some experts wonder whether developing nations wouldn't be better off pushing for monetary unification with nations with which they have close economic ties. Some even predict that, in five years, there could be a Mexican dollar, Singapore yen and South African euro. Michael Howell, head strategist at financial consultant CrossBorder Capital in London, likens this world of three currency zones, each anchored by a dominant economy, to George Orwell's "1984," in which the world is divided among Oceania, Eastasia and Eurasia, and where Mr. Howell says "each region has its own dominant economy and its own emerging markets." Even if such forecasts turn out to be vastly exaggerated, one thing seems sure: At the least, Asia's turmoil could signal the death knell of the era of pegged-exchange rates, which for decades have been the foundation of developing countries'

64. IMF World Economic Outlook (WEO), Financial Crises: Causes And Indicators, May 1 3. International monetary System Measures to Reduce the Implications of Recent currency Realignments for. 2. Overview of the World Economic Outlook Projections. http://www.imf.org/external/pubs/ft/weo/weo0598/

Transcript of a Press Conference on the World Economic Outlook April 13, 1998 Ordering Information Other issues of the World Economic Outlook WEO Selected Topics, 1995 - present Research at the IMF WORLD ECONOMIC AND FINANCIAL SURVEYS World Economic Outlook Financial Crises: Causes and Indicators May 1998 A Survey by the Staff of the International Monetary Fund The World Economic Outlook presents the IMF staff’s analysis and projections of economic developments at the global level, in major country groups (classified by region, stage of development, etc.), and in many individual countries. It focuses on major economic policy issues as well as on the analysis of economic developments and prospects. It is usually prepared twice a year, as documentation for meetings of the International Monetary and Financial Committee, and forms the main instrument of the IMF’s global surveillance activities. Use the free Adobe Acrobat Reader to view pdf files. Tips for using PDF files Contents Assumptions and Conventions Preface Chapter I 198k pdf file Global Economic Prospects and Policy Considerations The Asian Crisis Advanced Economies Developing Countries Countries in Transition Appendix: Countdown to EMUProgress Toward Convergence and Challenges Remaining Boxes The Role of Hedge Funds in Financial Markets Moral Hazard and IMF Lending International Monetary System: Measures to Reduce the Risk of Crises Table European Union: Convergence Indicators Figures World Output and Inflation Nominal and Real Interest Rates in the Prospective Euro Area

65. Articles Of Agreement--Article IV: Obligations Regarding Exchange Arrangements underlying stability of the world economy, and for the evolution of the international monetary system, with particular with respect to its currency under this http://www.imf.org/external/pubs/ft/aa/aa04.htm

Articles of Agreement of IMF Search the Articles of Agreement Search Tips See also: Selected Decisions and Selected Documents of the International Monetary Fund By-Laws Rules and Regulations of the International Monetary Fund Members Quotas Shares, Governors, and Voting Power Executive Directors and Voting Power Senior Officials Organization IMF at a Glance - a factsheet Article IV Staff Reports ARTICLES OF AGREEMENT OF THE INTERNATIONAL MONETARY FUND Article IV - Obligations Regarding Exchange Arrangements Section General obligations of members Recognizing that the essential purpose of the international monetary system is to provide a framework that facilitates the exchange of goods, services, and capital among countries, and that sustains sound economic growth, and that a principal objective is the continuing development of the orderly underlying conditions that are necessary for financial and economic stability, each member undertakes to collaborate with the Fund and other members to assure orderly exchange arrangements and to promote a stable system of exchange rates. In particular, each member shall: (i) endeavor to direct its economic and financial policies toward the objective of fostering orderly economic growth with reasonable price stability, with due regard to its circumstances;

66. JRL 1-27-02 - Russia, Finance & Monetary System, Local 'Currency' rely on barter for their economic transactions, as the local administration has adopted a monetary system, which replaces the national currency, the ruble http://www.cdi.org/russia/johnson/6043-12.cfm

JRL HOME ARCHIVES RAS SEARCH ... SUBSCRIBE January 27, 2002: [Second Issue of the Day] The Russia Journal January 25-31, 2002 Village uses an unorthodox currency in its economy By CHRISTOPHER KENNETH A Russian district that has found an unorthodox solution to its social issues is now facing legal problems from the regional administration, legal experts say. Ponazyrevsky district, Kostroma Oblast, located about 300 km from Moscow, has been running its daily financial and other economic affairs for over three years now without using the ruble or any other world currency – in the traditional sense of the word – in its economy, according to local media reports. Nor do the residents rely on barter for their economic transactions, as the local administration has adopted a monetary system, which replaces the national currency, the ruble, with its locally printed "money-card" as the official legal tender in the district. This unorthodox monetary system, which works on a principle similar to that used in modern electronic credit-card systems, uses a card made from a piece of ordinary cardboard, cut out in rectangular form, with the value and the owner’s name inscribed on it. Just like a credit-card system, the cards also effectively relieve the residents of the need to carry cash, according to a TV6 report. Ivan Mantashyov, director of the Gorlovsky State Farm, the mainstay of the district’s economy, said the system was necessary to fight social evils such as alcoholism and smoking in the district.

67. Globalizing Capital: A History Of The International Monetary System understanding the often Byzantine political economy of international monetary union was the quid pro quo. Not fact that an overvalued currency imposes high http://www.eh.net/bookreviews/library/0041.shtml

Globalizing Capital: A History of the International Monetary System Eichengreen, Barry J. Published by EH.NET (October 1997) Barry J. Eichengreen, Globalizing Capital: A History of the International Monetary System . Princeton: Princeton University Press, 1996. viii + 223 pp. $24.95 (cloth), ISBN: 0-691-02880-X. In 1892 the English economist Robert Giffen published an article entitled "Fancy Monetary Standards." Objecting to a recent proposal for a new monetary standard aimed at stabilizing the purchasing power of money, Giffen observed that "Governments, when they meddle with money, are so apt to make blunders...that a nation which has a good money should beware of its being tampered with." If we mess with the gold standard, in other words, "we can never tell...what confusion and mischief we may be introducing." (1) A generation later, the gold standard was not only tampered with, but largely dismantled. The international monetary system has been witness to a great deal of "confusion and mischief" ever since, including such "fancy" payments arrangements as the IMF, the EPU, the BIS and the EMS, elaborate multinational structures designed by international committees, and regularly shorn-up by exchange controls, stand-by arrangements, SDR's, gold-pools, and other ad-hoc devices aimed at forestalling major devaluations. The ultimate failure of all such arrangements, as well as the abandonment of the international gold standard itself, has led Berkeley economist Barry Eichengreen to wonder whether any system of fixed, or at least relatively stable, exchange rates can survive in a world of democratic governments. His book

68. Making Economic Sense uncertainties and distortions to the monetary system, and removes myneighbor policies of competing currency devaluations such as the economic warfare of http://www.mises.org/econsense/ch72.asp

Tuesday, June 08, 2004 Making Economic Sense Chapter 72 New International Monetary Scheme Ever since the Western world abandoned the gold coin standard in 1914, the international monetary system has been rocketing from one bad system to another, from the frying pan to the fire and back again, fleeing the problems of one alternative only to find itself deeply unhappy in the other. Basically, [p. 258] only two alternative systems have been considered: (1) fiat money standards, each national fiat currency being governed by its own central bank, with relative values fluctuating in accordance with supply and demand; and, (2) some sort of fixed exchange rate system, governed by international coordination of economic policies. Our current System 1 came about willy-nilly in 1973, out of the collapse of Bretton Woods System 2 that had been imposed on the world by the United States and Britain in 1944. System 1, the monetarist or Friedmanite ideal, at best breaks up the world monetary system into national fiat enclaves, adds great uncertainties and distortions to the monetary system, and removes the check of external discipline from the inflationary propensities of every central bank. At worst, System 1 offers irresistible temptations to every government to intervene heavily in exchange rates, precipitating the world into currency blocs, protectionist blocs, and "begger-my-neighbor" policies of competing currency devaluations such as the economic warfare of the 1930s that helped generate World War II.

69. Table Of Contents A Alternative Dynamic Mechanisms 287 Appendix B A monetary Truce 288. Hicksian Stability, currency Markets, and the Pure Theory of Economic Policy 298 http://www.columbia.edu/~ram15/ie/ietoc.html

Homepage International Economics , Robert A. Mundell, New York: Macmillan, 1968, pp. vii-xi. Contents Preface Part I: The Theory of Exchange Chapter 1. The Classical System 3 Analytical Procedure The Method of Comparative Statics The Free-Trade Model Conditions of Stability Price and Income Effects Chapter 2. Transfers, Productivity, and Taxes 17 The Transfer Problem Productivity Changes Taxes and Subsidies on Trade Commodity Taxes Other Mechanisms of Adjustment Summary Chapter 3. Generalization of the Classical Model 43 Productivity Changes Tariff Changes Consumption and Production Tax Changes Unilateral Payments Comparison of Two-Country and Multiple Country Models Chapter 4. Tariff Preferences and the Terms of Trade 54 A Geometric Model of Three Countries The Basic Proposition Zone of Mutual Improvement Conclusions and Qualifications Appendix: The N-Country Case Chapter 5. A Geometry of Transport Costs in International Trade Theory 65 The Geometry The F.O.B. and C.I.F. Terms of Trade The Transfer Problem The Optimum Tariff Real Factor Returns Concluding Remarks Chapter 6. International Trade and Factor Mobility 85

70. Sri Lanka Profile : Monetary System : Currency, Exchange Rate particularly through Non Resident Foreign currency deposits (NRFC provide necessary liquidity for economic activities, the May and June as monetary policy was http://www.saarcnet.org/newsaarcnet/countryprofile/srilanka/srilanka3.htm

Sri Lanka MONETARY SYSTEM In this backdrop, the Sri Lanka rupee depreciated against all major currencies during the first half of 2000. It depreciated by 7 per cent against the US dollar, faster than the 4.5 per cent depreciation seen during the first half of 1999. Meanwhile, it depreciated against the Indian rupee (4.5 per cent), Japanese yen (4.1 per cent), euro (1.7 per cent), sterling pound (0.8 per cent) and by 4.7 per cent against the composite unit of account, the SDR. The weighted average commercial bank spot rate depreciated by 8.6 per cent against the US dollar during the first half of 2000 compared to a 4.4 per cent depreciation registered during the same CURRENCY Sri Lankan Rupee CURRENCY CONVERTIBILITY REGIME By mid-1994, Sri Lanka had removed all foreign exchange restrictions on current account transactions. The monetary authorities are rapidly moving towards full convertibility of the Sri Lankan rupee.

71. [ Udoo ] » Monetary Reform on their highly sucessfull local currency projects. alternatives to the current monetary and orgnanisational to make an efficient and just economic system. http://wiki.uniteddiversity.com/monetary_reform

wtf 2 by 69.55.238.122 WTF 3 by 69.55.238.122 Money Quotes by garyalex josef.projects by 69.55.238.122 josef.diary by 69.55.238.122 notcon by yonderboy wtf2:social software by 69.55.238.122 joiito by yonderboy atom by 69.55.238.122 about by 69.55.238.122 h ome a bout ... DIT THIS PAGE Monetary reform Humanity is in a vicious spiral, the symptoms of which, diverse as they are, all stem from the purposes, principles and ideologies of a purposeful human system . The system responsible is the vast and complex Global Monetocracy Learn the basics about money in the uniteddiversity money_guide.pdf and Thomas Greco 's Money Ebook.pdf For those who find these somewhat stilted, try the more neutralist EN: Recyclopedia: "Money" and "Monetary reform" . Also read up on accounting reform and how lack of decent auditing for capital of all types leads inevitably to today's accounting scandal s. With no standards, how can anything improve? The most important chapters are probably what is the matter with money and what is money and there is loads of excellent money reading and links at www.reinventingmoney.com

72. Blackwell Synergy - Cookie Absent The European monetary System Credible at in Stock Prices , Brooking Papers on Economic Activity, Vol the Transition to a Common currency , Macroeconomics Annual http://www.blackwell-synergy.com/links/doi/10.1111/j.1467-9957.2004.00377.x/enha

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73. EMU: Many Countries - One Monetary System for the introduction of the single currency the euro and the conduct of the single monetary policy by a and, third, the elaboration of economic policies in http://www.ecb.int/emi/key/key17.htm

Dr. Willem F. Duisenberg EMU: many countries - one monetary system (Hong Kong, 19 January 1998) Ladies and gentlemen, distinguished guests, etc. I have great pleasure in being in Hong Kong once again to address issues concerning European Economic and Monetary Union. 1. Introduction Since the last time I was here - on the occasion of the International Monetary Fund (IMF) and World Bank's annual meeting - two developments have taken place. In Europe preparations for EMU have continued unabated: at the latest European Councils - held on 22 November and on 12 and 13 December - the Heads of State or Government approved common lines for coherent employment creation policies and finalised an agreement on the co-ordination of economic policies in the European Union after the start of EMU and on the dialogue between the Council of Ministers and the European Central Bank. In parallel a severe financial crisis has shaken the economies of some countries in Asia - requiring the mobilisation of international multilateral support under the aegis of the IMF for Thailand, Indonesia and Korea. In other countries of the region the authorities have intervened repeatedly in order to re-establish confidence in the stability of their banking and financial systems. Although the main impact of the financial turbulence in Asia will be felt in Asian countries, the rest of the world will also be affected. This underscores the importance of the Asian economies and their share in the globalisation process. However, the prospect that EMU will start in January 1999 remains unaltered. This prospect is underpinned by a low level of inflation and by renewed progress towards convergence - also in the domain of public finances, where further consolidation is nevertheless required.

74. CONTROLLING THE WORLD'S MONETARY SYSTEM US they are the Comptroller of the currency and Federal part the World Bank, International monetary Fund, the Organization for Economic Cooperation and http://www.apfn.net/messageboard/8-28-03/discussion.cgi.80.html

Joan Veon CONTROLLING THE WORLD'S MONETARY SYSTEM Tue Aug 26 16:39:22 2003 CONTROLLING THE WORLD'S MONETARY SYSTEM THE BANK FOR INTERNATIONAL SETTLEMENTS http://www.newswithviews.com/Veon/joan2.htm By Joan Veon August 26, 2003 While most people understand what took place when the American Revolution was fought, many are not aware of the permanent financial revolution that is being fought over the world's monetary system since 1694 when the Bank of England was created. At that time, a group of private individuals decided that they could make a great deal of money if they changed the laws of the land to shift control of the country's finances from the government to them. The Bank of England, which is England's "central bank," is a private corporation which earns a continuous stream of income when the British government borrows from them to run the country. England was the ingenious country that recognized they could run the world's finances if they established private corporations in all the countries of the world. The combined debt of all the world's country's would create an income stream of unbelievable amounts. In 1913, Congress passed the Federal Reserve Act creating our central bank. Most Americans don't know that this organization is a private corporation established to control America's monetary system through the banking industry.

75. Monetary Policy In The Aftermath Of Currency Crisis: The Case Of Asia The Logic of currency Crises, NBER Paper 4640 ), National Bureau of Economic Research, Inc. Special Reference to the European monetary System, NBER Working http://ideas.repec.org/p/rio/texdis/399.html

This file is part of IDEAS , which uses RePEc data Papers Articles Software Books ... Help! Monetary policy in the aftermath of currency crisis: the case of Asia Author info Abstract Publisher info Download info ... Statistics Author Info Ilan Goldfajn liame2('br','puc-rio','econ','m7i7','goldfajn') ) (Department of Economics PUC-Rio) Taimur Baig liame2('edu','uiuc','m7i7','baig') Abstract This paper evaluates monetary policy and its relationship with the exchange rate in the five Asian crisis countries. The findings are compared to previous currency crises in recent history. The paper finds that there is no evidence of overly tight monetary policy in the Asian crisis countries in 1997 and early 1998. There is also no evidence that high interest rates led to weaker exchange rates. The usual trade-off between inflation and output when raising interest rates suggested the need for a softer monetary policy in the crisis countries to combat recession. However, in some countries, corporate balance sheet considerations suggested the need to reverse overly depreciated currencies through firmer monetary policy. Download Info To download: If you experience problems downloading a file, check if you have the proper

76. European Monetary System ECU See European currency Unit EDI See Electronic Data Next Finance Term economic surplus © 20012004 is the result of the most profound monetary reform in http://www.idrassociate.org/r4rzhz4f-4.html

THE Debt, Finance, Loans, And Investing Directory Home Money Links stalking horse homeowners insurance bad credit personal loan phantom income ... market timer stale price arbitrage merchant account setup european monetary system european monetary system European Monetary System (EMS) rank: Financial Glossary search European Monetary System (EMS) - Financial Glossary European Monetary System (EMS) A system adopted by European Community ... ... Financial Glossary rank: ... company's SEC regulatory filing requirements. EAFE index See: European Australian and Far East index EASD See: European Association of Securities Dealers EBIAT See: Earnings Before ... Earnings Before Interest, Taxes, Depreciation, and Amortization EBRD See: European Bank for Reconstruction and Development EBT See: Earnings ... Ecuadorian Sucre. EDGAR Electronic Data Gathering, Analysis and Retrieval System The system through which companies electronically file reports and registration ... 4217 currency code for the Egyptian Pound. ECU See: European Currency Unit EDI See: Electronic Data Interchange ... ...

77. Currency Unions Edited By Alberto Alesina And Robert J. Barro currency Unions reviews the traditional case for flexible and contractionary in booms—monetary policy and regimes can better insulate the economy from such http://www-hoover.stanford.edu/publications/books/currency.html

BOOKS ONLINE RECENT RELEASES BROWSE BY TITLE BROWSE BY AUTHOR ... ORDER Currency Unions Edited by Alberto Alesina and Robert J. Barro ISBN: 0-8179-2842-1 $15.00 paperback 86 pages Table of Contents This book brings together a diverse group of experts on international monetary policy to examine the basic conceptual issues of currency unions and other monetary regimes, including flexible and fixed exchange rates, and assess the available empirical evidence on the performance of these alternative monetary systems. They also draw some policy conclusions on the desirability of currency unions for countries in various circumstances. Currency Unions Alberto Alesina received his Ph.D. in 1986 from Harvard, where he became a full professor in 1993. He is an editor of the Quarterly Journal of Economics. Robert J. Barro is a senior fellow at the Hoover Institution and the Robert C. Waggoner Professor of Economics at Harvard University. TABLE OF CONTENTS Acknowledgments vii About the Authors ix Alberto Alesina Robert J. Barro Introduction xv Stanley Fischer Ecuador and the International Monetary Fund Alberto Alesina Robert J. Barro

78. The Global Economy: The World Monetary System One of the services that banks perform in today s global economy is to facilitate international monetary transfers. These often involve currency exchange. http://www.globaled.org/curriculum/money.html

Back The Global Economy: The World Monetary System Grade Level Introduction New York is an international banking center. The city is headquarters for a number of worldwide financial institutions including American Express, Chase Manhattan Bank, and Citibank. By 1991 there were 463 foreign banks with offices in New York City. One of the services that banks perform in today's global economy is to facilitate international monetary transfers. These often involve currency exchange. This lesson focuses on foreign currency exchange in the global economy. While most people realize that foreign currency exchange rates affect the international traveler, few people understand the direct effects that these rates have on people who may never leave their communities. This lesson is designed to make students aware of international monetary transactions, and to show them how the jobs they hold and the purchases they make in their local community are affected by the foreign currency exchange market. Teacher/Student Objective The major goal of this series of activities is to help students understand the notion of simple foreign currency exchange transactions using a foreign currency exchange table, and to make them realize the effect which changes in supply and demand have on the value of the dollar in relation to foreign currencies.

79. Scoop: The Colonisation Of Iraq's Monetary System of Iraq will have to accept what is held to be monetary and economic reality. this meant that the availability of each nation’s currency depended upon http://www.scoop.co.nz/mason/stories/HL0305/S00045.htm

NewsAgent Features Subscribe About Us ... Health The Colonisation Of Iraq's Monetary System Wednesday, 7 May 2003, 1:13 pm Column: Les Hunter ECO-ECONOMY IS A FREE SCOOP EMAILER CANVASSING ALTERNATIVE ECONOMIC VIEWPOINTS... CONTRIBUTIONS ARE INVITED... http://www.scoop.co.nz/cgi-bin/newsagent/new_user.cgi?form=home > TO CHANGE NEWSAGENT OPTIONS - CLICK HERE http://www.scoop.co.nz/cgi-bin/newsagent/mail_control.cgi The Colonisation Of Iraq's Monetary System By Les Hunter They who control the credit of the nation direct the policy of governments, said Rt Hon Reginald McKenna (1928) – a former Chancellor of the Exchequer and one time director of the Bank of England. Today, such a claim is today highly relevant to the future relationship between Iraq and the United States – the world’s only super power. Having occupied Baghdad, one of the first actions of the United States was to encourage the Iraqis to exchange 2000 of their dinars for one American dollar. The traditional method of exercising imperial power is through the acquisition of colonies and the imposition of taxation upon the subject people. This was the British imperial approach – most obvious in India. With the demise of the Soviet Union, the United States clearly became the great imperial power of the day (superpower). Typically, the United States extended and maintained its sphere of interest through monetary means; the military occupation of Iraq is quite uncharacteristic of the Americans. However, it is unlikely that the occupying troops will remain to be supported by locally imposed taxation. Financial and corporate control over the economy is much more effective – and much less obvious.

80. Global Economy: European Economic And Monetary Union (EMU) - Expand Your Insight on which of these two features of the monetary policy process The European System of Central Banks in Economic Review, First Is Europe an optimum currency area http://www.dallasfed.org/eyi/global/9902emu.html

QUICK FACTS Glossary of EU Terms Comparative Statistics RELATED ARTICLES "The European System of Central Banks," Economic Review , First Quarter 1999 ( Text or PDF "European Economic and Monetary Union," Hot Topics May 1998 ( PDF "Europe: Risk and Reward Under Monetary Unification," Southwest Economy Nov./Dec. 1998 ( Text or PDF Global Economy European Economic and Monetary Union (EMU) Dallas Fed Economist Mark Wynne explores the implications of this unprecedented monetary union. How will EMU affect the United States? How will the euro affect the dollar's global role? How does the European System of Central Banks (ESCB) differ from the Federal Reserve System? Is Europe an optimum currency area? A Texas analogy How will EMU affect the United States? Given the degree of uncertainty about how monetary union will affect Europe, it should not be too surprising that there is relatively little that we can say with any precision about how EMU will affect the United States. Ultimately, EMU may end up teaching us more about economics than economics can currently teach us about EMU.

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