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1. edition 2004, 294 pages, hard cover.
Price (excl. VAT, postage & handling): Approx. EURO 51 £ 44 $ 71.


This book contains the proceedings of a conference held in Copenhagen on December 10th, 2004 on the occasion of Niels Thygesen's 70th birthday. The book provides an overview of the historical and theoretical background for monetary union in Europe, an extensive assessment of the experience with the first six years of the Eurosystem, and a discussion of the "unfinished business" of the EMU, including the fiscal framework and the framework needed to secure financial stability. The book ends with a discussion of the implications of Europe's experience with monetary unification for other regions.

The authors of this book are colleagues and friends of Niels Thygesen. They have all made important contributions to European or international monetary cooperation, either through the insights gained via their academic research, or as key policy makers.

Contents:

• Introduction. Niels Thygesen and European Monetary Integration - by Peter Birch Sørensen, Professor of Economics, University of Copenhagen
  
  
• Part I. Limiting Exchange Rate Swings - The Precarious Road to EMU
  
• Chapter 1. Limiting Exchange Rate Swings in a Word of Imperfect Knowledge - by Roman Frydman, New York University and Michael Goldberg, University of New Hampshire
  
• Chapter 2. The EMS 1979-1993: A Lesson of Limits to Policy Coordination - by Gunter D. Baer, Bank for International Settlements
  
• Chapter 3. The Exchange Rate Mechanism ERM as a Prelude to EMU - by Charles Wyplosz, Graduate Institute of International Economics, Geneva
  
  
• Part II. How has EMU Worked?
  
• Chapter 4. Was it Worth It? - by Guido Tabellini, Bocconi University, Milan
  
• Chapter 5. Endogeneities of Optimum Currency Areas - by Paul De Grauwe, Leuven University and Francesco Paolo Mongelli, European Central Bank
  
• Chapter 6. The ECB's Monetary Policy Strategy Revisited - by Alexandre Lamfalussy, former President of the European Monetary Institute
  
• Chapter 7. Parallel Monies, Parallel Debt: Lessons from the EMU and Options for the New EU Members - by Giorgio Basevi, University of Bologna, Lorenzo Pecchi and Gustavo Piga, both University of Rome - Tor Vergata
  
  
• Part III. The Fiscal Framework of the EMU
  
• Chapter 8. What Went Wrong with the Stability and Growth Pact? - by Lorenzo Bini Smaghi, Ministry of the Economy and Finances, Italy
  
• Chapter 9. The Fiscal Framework under Stress - by Daniel Gros, Centre for European Policy Research, Brussels
  
• Chapter 10. How Should We Cope With the Crisis of the EMU Fiscal Framework? - by Edmond Alphandéry, former Minister of Economic Affairs for France
  
• Chapter 11. EMU and Tax Policy - by Mario Monti, Bocconi University, Milan
  
  
• Part IV. The Framework for Financial Stability
  
• Chapter 12. European Financial Integration: Nuts and Bolts - by Luigi Spaventa, University of Rome - Tor Vergata
  
• Chapter 13. A Second Central Bank Instrument? - by Charles A.E. Goodhart, London School of Economics and Boris Hofmann, University of Bonn
  
  
• Part V. The EMU Experience - Perspectives for Other Regions
  
• Chapter 14. East Asian Monetary Arrangements: A European Perspective - by Tommaso Padoa-Schioppa, European Central Bank