Documents Thygesen, Niels 5 results

"Fifty years ago, the first issue of Intereconomics was published. In honour of this anniversary, many top European and international economists have contributed papers to this Forum, which looks back on five decades of European integration – from the early days of the European Economic Community to the lingering effects of the recent financial crisis. The contributions also look ahead to what the future holds for the European Union, covering issues as diverse as global trade, the future of the euro, reviving economic growth, the impact of demography and international relations."

"Dix ans après sa création, la Banque centrale européenne (BCE) peut être considérée comme un succès. Cette dernière a en effet parfaitement réussi à assurer la stabilité des prix et ses décisions se sont révélées suffisamment transparentes pour les marchés. La politique monétaire de la BCE repose sur un policy mix qui allie des taux d´intérêt stables et peu élevés et des politiques budgétaires prudentes. Jusqu'à présent, la BCE reste le seul véritable organe de décision économique commun. La coordination des politiques budgétaires est en effet aujourd´hui limitée au Pacte de stabilité et de croissance (PSC) qui est avant tout un mécanisme de discipline, même s'il porte en germes, depuis sa révision en 2005, une future gestion commune des politiques budgétaires. Enfin, l´auteur rappelle que la volonté des Etats membres de céder réellement une part de leur souveraineté - notamment en matière fiscale ou de redistribution - demeure très faible."

"Daniel Gros and Niels Thygesen provide an unrivalled account of the history, theory and practice of monetary integration in Europe. Starting with a brief history of European monetary integration up to the start of the EMS in 1978, the authors go on to examine in more detail the workings of the EMS, including an analysis of the speculative attacks in 1992-95. The next part of the book is a substantially rewritten account of the economics of monetary union with a fresh look at the costs and benefits, the changing relationships between economic and monetary integration and the global implications of EMU. The final part of the book critically examines the specific steps towards monetary union starting from the Delors Report to the Maastricht Treaty with the Convergence criteria and finally to the establishment of a European System of Central Banks. The concluding chapter assesses the outlook for EMU. In the course of the book the authors draw upon their extensive original research and also survey the huge amount of literature that has appeared in books, journal articles and professional briefing papers. European Monetary Integration remains essential reading for all students of European monetary integration and international macroeconomics, as well as anybody with a professional interest in European economics. "