Hostname: page-component-77c89778f8-vsgnj Total loading time: 0 Render date: 2024-07-24T03:45:11.787Z Has data issue: false hasContentIssue false
  • English
  • Français

Macro Economic Convergence in Europe

Published online by Cambridge University Press:  26 March 2020

R. Anderton ,
R. Barrell  and
J.W. In't Veld
Get access Rights & Permissions [Opens in a new window]

Extract

Economic convergence within the EMS member states is a precondition for further moves to economic and monetary integration. The Delors Report has set out a path toward EMU in three stages, where transition to the next stage depends on some degree of convergence being achieved in the previous stage. In October 1990, the European Council in Rome agreed that ‘in order to move on to the second phase (of economic and monetary union), further satisfactory and lasting progress toward real and monetary convergence will have to be achieved’ (Press communique, European Council, Rome, 28 October 1990). The draft treaty text for the Maastricht summit states that before the start of the second phase in January 1994, the council shall assess the progress made with regard to economic and monetary convergence, and in particular with regard to price stability and balanced public finances.

Type
Articles
Information
National Institute Economic Review , Volume 138 , November 1991 , pp. 51 - 62
Copyright
Copyright © 1991 National Institute of Economic and Social Research

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

AMEX Bank Review (1991),18 September 1991, vol. 18, no.7.Google Scholar
Alogoskoufis, G., Papedemos, L. and Portes, R., External constraints on macroeconomic policy: the European experience.Google Scholar
Andersen, T., and Risayer, O. (1988) ‘Stabilisation policies, credibility and interest rate determination in a small open economy,’ European Economic Review, Papers and Proceedings, 32 pp. 669-673.Google Scholar
Artis, M.J. and Nachane, D., (1990), ‘Wages and prices in Europe, a test of the German leadership hypothesis’, Weltwirtschaftliches Archiv 126 pp. 59–77.CrossRefGoogle Scholar
Barrell, R.J. (1990a) ‘European currency union and the EMS’, National Institute Economic Review no. 132 May.CrossRefGoogle Scholar
Barrell, R.J. (1990b) ‘Has the EMS changed wage and price behaviour in Europe?’ National Institute Economic Review no. 134 November.CrossRefGoogle Scholar
Barrell, R., Gurney, A. and in't Veld, J.W. (1992), ‘The real exchange rate, fiscal policy and the role of wealth: an analysis of equilibrium in a monetary union’, Journal of Forecasting, forthcoming.CrossRefGoogle Scholar
Barrell, R., and in 't Veld, J.W. (1991), ‘FEERs and the path to EMU’, National Institute Economic Review, no. 137.Google Scholar
Barro, R.J. and Xavier Sala-i-Martin (1990), ‘World real Interest Rates,’ National Bureau of Economic Research Macro-economics Annual 1990 pp. 15–74.CrossRefGoogle Scholar
Chan-Lee, J.H., Coe, D.T., and Prywes, M.(1987) ‘Macroeconomic changes and Macroeconomic wage Disinflation in the 1980s’, OECD Economic Studies no. 8, Spring pp. 121–157.Google Scholar
Commission of the European Communities (1990), ‘One market, one money: an evaluation of the potential benefits and costs of forming an economic and monetary union’, European Economy, no. 44 October.Google Scholar
Commission of the European Communities, (1989), ‘Economic convergence in the Community: a greater effort is needed’, European Economy, no. 41.Google Scholar
Commission of the European Communities, (1990), ‘Annual economic report 1990-91’, European Economy, no. 46, 1990.Google Scholar
Dornbusch, R. (1989), ‘Credibility, Debt and Unemployment; Ireland's failed stabilisation,’ Economic Policy, no. 8 (April)CrossRefGoogle Scholar
Dornbusch, R. (1991), ‘Problem of European monetary integration’, in Giovannini, A. and Mayer, C. (eds): European Financial Integration, Cambridge University Press.CrossRefGoogle Scholar
Froot, K.A. and Rogoff, K. (1991), ‘The EMS, the EMU, and the transition to a common currency’, NBER Working Paper no. 3684, 1991.Google Scholar
Kremers, J. (1990), ‘Gaining policy credibility for a disinflation: Ireland's experience in the EMS’, IMF Staff Papers, vol. 37, no.1.Google Scholar
Layard, R., Nickell, S. and Jackman, R. (1991), Unemployment: Macroeconomic Performance and the Labour Market, Oxford University Press.Google Scholar
Mehta, F. and Sneesens, R. (1990), ‘Belgian unemployment: the story of a small open economy caught in a worldwide recession’, Europe's Unemployment Problem edited by Bean, L.R. and Drèze, J.H.MIT Press.Google Scholar
Ungerer, H., Evans, O., Mayer, T., Young, P. (1986), ‘The European Monetary System: recent developments’, Occasional Paper 48, International Monetary Fund, Washington D.C.Google Scholar
Ungerer, H., Hauvonen, J.J.,Lopez-Claros, A., Mayer, T.(1990), ‘The European Monetary System: developments and perspectives,’ Occasional Paper 73, International Monetary Fund, Washington D.C., 1990.Google Scholar
Weber, A. (1991), ‘Reputation and credibility in the European Monetary System’, Economic Policy, no. 12 (April).CrossRefGoogle Scholar