81. OECD Observer: After 40 Years: Towards A More Stable Monetary World reductions in every sector of economic life. today are dominated by the currency triad of the “architecture” of the international monetary system will have http://www.oecdobserver.org/news/fullstory.php/aid/882/After_40_years:_Towards_a

June 8, 2004 All Articles HOME Front page Leaders Databank News ... Back issues SECTIONS Economy - General - Business Society ... - Energy HOT TOPICS 2004 Environment Spotlight 2004 Education Spotlight Ageing Biotechnology ... 2003 Employment Ministerial Spotlight COUNTRIES OECD - All countries - Australia - Czech Republic ... World Back issues Recent articles Browse articles by date SUBSCRIBE About us ... Links index After 40 years: Towards a more stable monetary world By Robert Mundell, Professor of Economics, Columbia University, and 1999 Nobel Laureate for Economics Published on: January 29, 2003 International financial crises have been an on-and-off feature of the global economy in the past 40 years. Understanding how the international monetary arrangements came into play can point to ways of establishing a greater degree of control in future, argues Professor Mundell Forty years ago, when the OECD replaced the Organisation for European Economic Cooperation (OEEC), the world was very different. A major standoff was underway in the Cold War, there was a crisis in the international monetary system, and globalisation, if the word was used at all, meant freer trade within the “free world.” In the past 40 years much has changed. The international monetary system broke down and flexible exchange rates led to increased international monetary instability. Social revolutions occurred in gender and race and the balance of terror of the Cold War ended with the fall of the Berlin Wall. The oil-price revolution of the 1970s effected a huge transfer of wealth and power to the Middle East. Computer and

82. European Economic & Monetary Union (EMU) At Sun , ABOUT THE EMU. Introduction. The drive for a single currency under the banner of Economic and monetary Union (EMU) has been a recurring ambition of http://www.sun.com/euro/

sun.com How To Buy My Sun Worldwide Sites ... Home SIMPLY EURO Product/Development Questions/Comments What is happening on July 1, 2001? How Sun can help you prepare for this change? ... Simply Euro : Quick Facts Starting January 1, 2002, the euro currency will be the unique official currency in the (EMU) This will impact the way in which Sun Microsystems, our Partners, Suppliers and our Customers conduct business within Europe and beyond. Sun Microsystems wants to lead this change early to minimize the risks and will be transitioning to the euro long before the official change. Sun will officially convert to the euro in the 12 EMU countries effective Jul.1, 2001. BUSINESS WITH SUN From January 1, 2002, all contracts and agreements referencing participating NCUs automatically become references to euro. EMU at Sun for Clients and Business Associates Sun has been conducting business in euro with our Partners and Customers in the Economic Union plus Norway and Switzerland, since 1999 and today euro pricelists are available across all Europe Middle East Africa. From July 1, 2001 -

83. Anti Essays : Free Essays On European Economic And Monetary Union (EMU) Essays increasing divergence among member nations’ economic policies and on the development of the single currency. time it was called the European monetary System. http://www.antiessays.com/essay.php?eid=1565

84. Books : Business + Investing : Economics : Money + Monetary Policy Books Business + Investing economics Money + monetary Policy. Social Sciences, , books Business + Investing economics Money + monetary Policy. http://www.crimsonbird.com/cgi-bin/m.cgi?j=social_sciences-2598

85. TakingITGlobal - Opportunities - Events - Local Currencies In The 21st Century: a local currency initiative, increasing the likelihood of their success in developing a monetary system that will foster a sustainable local economy for their http://www.takingitglobal.org/opps/event.html?eventid=4025

86. Economy - The BerkshireWeb centralized institutions of the economy and one A national currency facilitated the industrialization of the centralization of the monetary system has served http://www.berkshireweb.com/economy/econbody.shtml

Print your own: Using Local Currencies as a Tool For Building Local Economies Frank Tortiello, owner of the popular Deli on Main Street in Great Barrington, turned to S.H.A.R.E. when the bank refused him a loan to move his restaurant to a new location. S.H.A.R.E. helped Frank see that he had the answer to his problem in the loyalty of of his own customers. S.H.A.R.E. suggested that Frank issue Deli Dollars as a self-financing technique. The response was overwhelmingnot only did The Deli raise much needed capital, but other business started printing up their own versions of "Deli Dollars" and the national press picked up the story and helped raise the possibility of small regional currencies as a tool for economic development within small regions. The BerkshireWeb, with the E.F. Schumacher Society, of South Egremont, is launching a series of pieces on tools for economic development that are particularly useful to more rural areas like the Berkshires. The following is an excerpt from a white paper on local currencies. Local Currencies: Catalysts for Sustainable Local Economies: Part I by Robert Swann and Susan Witt E A national currency facilitated the industrialization of The United States, which in turn created many jobs; however, the centralization of the monetary system has served as well to centralize the benefits of the system.

87. European Monetary System were used to keep the currencies within a narrow range. In the early 1990s the European monetary System was strained by the differing economic policies and http://www.factmonster.com/ce6/history/A0817895.html

Encyclopedia European Monetary System European Monetary System, arrangement by which most nations of the European Union (EU) linked their currencies to prevent large fluctuations relative to one another. It was organized in 1979 to stabilize foreign exchange and counter inflation among members. Periodic adjustments raised the values of strong currencies and lowered those of weaker ones, but after 1986 changes in national interest rates were used to keep the currencies within a narrow range. In the early 1990s the European Monetary System was strained by the differing economic policies and conditions of its members, especially the newly reunified Germany, and Britain permanently withdrew from the system. In 1994 the European Monetary Institute was created as transitional step in establishing the European Central Bank . (ECB) and a common currency. The ECB, which was established in 1998, is responsible for setting a single monetary policy and interest rate for the adopting nations, in conjunction with their national central banks. Late in 1998, Austria, Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain cut their interest rates to a nearly uniformly low level in an effort to promote growth and to prepare the way for a unified currency. At the beginning of 1999, the same EU members adopted a single currency, the

88. International Monetary System In the premodern era, international currencies enjoyed economic and political autonomy; The international monetary system was apolitical. http://www.vwi.unibe.ch/gast/koubi/intpolec/ipe-lec11.htm

International Monetary System A well functioning monetary system is the crucial nexus of the international economy because it facilitates the growth of trade, foreign investment, and global interdependence Establishment of a sound monetary system is a prerequisite for a prosperous world economy An efficient and stable international monetary system must solve 3 technical problems liquidity: the system must provide an adequate (but not inflationary) supply of currency to finance trade, facilitate adjustment, and provide financial reserves adjustment: the system must specify methods to resolve national payment disequilibria (i.e. changes in exchange rates, contraction/expansion of domestic economic activities, imposition of direct control over international transactions) confidence: the system must prevent destabilizing shifts in the composition of national reserves Every state desires not only an efficient international system but, one that does not seriously harm its own interests Every international monetary system rests on a particular political order The Era of Specie Money In the pre-modern period, precious metals or specie money (gold and silver) served as the basis of the international monetary system

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