Should the Maastricht treaty be saved?

ISBN	0881652466	Format	Hardback
ISBN13	9780881652468 (What's this?)	Volumes	001
Publisher	PRINCETON U INTL ECONOMICS SECTION

1	Introduction	1
2	Benefits of Monetary Unification	4
	Lower Transactions Costs	4
	Enhancing Price Stability	4
	Promoting Market Integration	7
3	Costs of Monetary Unification for Europe	12
	The Incidence and Magnitude of Shocks	12
	Speed of Adjustment	16
	Wage Adjustments	20
	Interregional Migration	22
	Interregional Capital Flows	23
4	Fiscal Policy and EMU	26
	Excessive or Inadequate Government Borrowing?	26
	The Debate Over Fiscal Restraints	30
	The Debate Over Fiscal Federalism	32
5	Maximizing Benefits and Minimizing Costs of EMU	38
	Designing the ECB	38
	Responsibility for the Financial System	42
6	Transitional Issues	48
	The Rationale for Preconditions	48
	Timing the Transition	52
7	Impact on the Rest of the World	56
	Implications for the Demand for Currencies	56
	Implications for Policy Coordination	58
8	Policy Implications	62
	References	63

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