monetary union

The rouble area did not long outlive the Soviet Union; the monetary union of the Czech Republic and Slovakia lasted only a matter of weeks.

Then ask yourself what might have happened if there had been no monetary union in Europe.

"Europe has set out to complete economic and monetary union, " she said. "Here we are certainly in a race with the markets. "

He said increased use of SDRs should be thought of as an "evolutionary" step rather than a step towards "global monetary union" .

He said weaknesses of the monetary union, which lacks monitoring and enforcement mechanisms, have contributed to the current fiscal woes.

Competitive pressure could then force France to leave the euro as well, bringing the monetary union to an end.

On the face of it, the pact is about bolstering the economic bit of Europe's economic and monetary union (see Charlemagne).

After all, there was no legal mechanism for a country like Greece to leave the monetary union.

None of this seemed to matter during the first few years of the monetary union.

There can be no more pretence that monetary union respects the premise on which it was sold to European citizens, Germans in particular.

A monetary union may require more than just a eurobond and a small fiscal union.

The demise of this conventional market wisdom is one of the achievements, for want of a better word, of European Monetary Union.

This is one of many costly facts about monetary union now bursting disagreeably to the surface.

Yet even such a crisis would not entail dissolution of the monetary union.

But the monetary union itself has no need for China's savings and good reasons to stay away from them.

This crisis may therefore not be the last. But because the cost of failure is so grave, Europe, and its monetary union, will survive.

The deepest financial crisis in a century has exposed the fragility of a monetary union without a fiscal and economic union.

Political union, he now thinks, may even work against monetary union if it is founded on a model that would make economies more rigid.

The experiences of any particular country are even less applicable to a monetary union.

A monetary union cannot succeed in the long term if every member state simply pursues the economic policies that suit its own interests.

Europe's problems are partly the result of a well-intentioned but imperfectly conceived monetary union.

Monetary union can only survive if each of its members want it to: without voter support Europe will fail.

A single market can go ahead without a monetary union, but a monetary union without a single market would be risky.

There has been a lot of talk for a long time about Asian monetary union, with little progress so far.

As he wrote in the FT last week, the euro was meant to be a monetary union but not a political one.

A monetary union with a stable euro can only survive if central bank independence is fully respected.

Germany is now within reach of the political integration it sought as a counterpart to monetary union when the euro was established.

So the European monetary union did not fall apart, despite the dire predictions of the pundits in late 2011.

There is only one necessary criterion for membership of a monetary union: convergence of inflation rates.

Its main weakness was well known to its architects: it established a monetary union without a political union.

And is a monetary union ultimately sustainable without a political union to back it up?

Many influential Germans think the ECB has reneged on the "no bail-out" pledge at the heart of monetary union.

Needless to say monetary union was a significant surrender of monetary sovereignty.

"I cannot see how you can ensure the stability off a monetary union by violating its legal provisions, " Weidmann told the Financial Times.

Most economic historians and international economists I know believe a monetary union would fail unless it develops into a fiscal union.

The fact that this is a monetary union of 17 countries makes decision making difficult, which complicates the problem.

The task of our generation is to complete economic and monetary union, and build political union in Europe, step by step.

The euro is hobbled by concerns about the long-term viability of the European Monetary Union. That leaves the renminbi.

He understood that creating momentum towards monetary union would convince markets that the ERM would hold together, as it did.

In a monetary union, with the nominal exchange rate irrevocably fixed, it is not possible to gain competitiveness by currency depreciation.

That, in turn, is undermining confidence in the euro itself as investors have begun to worry that Europe's monetary union could unravel.

Wage negotiations must take into account these special factors, especially within the framework of the monetary union.

It believed, wrongly, that countries within a monetary union no longer faced balance-of-payments constraints.

What then happens to monetary union may be the next big question those people must face.

and a co-ordinated effort to address the institutional weaknesses of Europe's economic and monetary union.

Fragmented financial regulation makes no sense in a monetary union and is potentially lethal.

Blame is placed at the door of governments rather than the idea of monetary union.

No longer is there any illusion that membership of Europe's economic and monetary union (Emu) provides protection from harsh realities.

It is now clear that market discipline within monetary union is insufficiently potent and credible to assure sound finance.

Monetary union can only survive if all of its members want it to.

A Franco-German monetary union was an ambitious project.

Even the sceptical British say that the "remorseless logic" of monetary union is greater fiscal union.

The sovereign debt crisis has put European monetary union in jeopardy and called into question the sustainability of the European project.

The members are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE; Oman had already withdrawn from the monetary-union project.

The next step is monetary union, with political federation a far remoter prospect.

Within a monetary union this has to be addressed through internal devaluation via the labour market.

In later writings Mr Mundell expressed regret about Canada's choice, as well as enthusiasm for European monetary union.

Cyprus, a midget within the monetary union, has been pushed to the brink of a bail-out.

to reduce the dramatically growing disparities in the competitiveness of different EU countries, which undermine the monetary union.

This is a systemic crisis of a monetary union that refuses to be a fiscal union.

A monetary union without a state is a unique experiment.

Economic and Monetary Union (EMU) was supposed to banish the competitive devaluations that threatened the single market in the early 1990s.

The firepower of central banks is not unlimited, especially in a monetary union.

It is clear today that the eurozone's political leaders created a monetary union with an insufficient political set-up.

To European federalists, America demonstrates that monetary union cannot survive without fiscal union.

There is a growing consensus that the stability, indeed the viability, of the monetary union demands change to European Union treaties.

A federalist Poland would be the ideal mediator between a closer monetary union and the EU.

"This informal kind of monetary union by stealth is throwing up good investment opportunities, " Mr Hohensee said.

A rescue for Greece, some claim, would set a second precedent: fiscal transfers to preserve monetary union.

Sustaining monetary union requires eurozone leaders on both sides of the present economic divide to make the political case for the euro.

That economic logic underestimates the political will that has driven European monetary union since its inception.

By the time the euro was launched in 1999, many people thought that some form of fiscal counterweight to monetary union would soon follow.

OLIVIER BAILLY: "We already mentioned the need to strengthen the economic part of the economic and monetary union. "

'A monetary union without a political union is impossible to maintain, ' he wrote in a newspaper article in 1991.

Some other Dutch economists voiced similar concerns but fell largely in line as monetary union became inevitable.

But he also took a swipe at eurozone leaders for raising the possibility of Greece quitting the 13-year-old monetary union.

It presented faulty information about its deficits in 2001 when attempting to secure membership of the European monetary union.

In other words, in the interests of greater financial stability, emerging Asia should consider monetary union.

The crisis has exposed the contradiction between monetary union and national economic policies.

No one thinks that Asia is in any shape to replicate the European monetary union.

Although the debt crisis brought great shock to the Euro Zone, the European Monetary Union will keep on going as planned.

But he also took a swipe at euro zone leaders for raising the possibility of Greece quitting the 13-year-old monetary union.

A bankruptcy would have dragged down other countries and possibly torn apart the monetary union.

Government bond markets in a monetary union are inherently fragile.

In the end of the day, the costs of maintaining the monetary union continue to mount.

One result could be a departure by one or more countries from the monetary union, or even its breakup.

The episode illustrates past barriers to plain speaking about economic and monetary union (Emu).

The second question is whether monetary union itself could collapse and member states revert to national currencies.

But patching up the monetary union took cunning.

The problem faced by the member countries of a monetary union such as the eurozone is exactly the same.

Financial markets expect an unambiguous political signal of the irreversibility of economic and monetary union, and they expect it now.

It is time to do so once again and realize that the necessary consequence of monetary union is greater political union.

If you merely want exchange rate stability, forming a monetary union is definitely overkill.

Monetary union has not begotten the expected fiscal union.

Talk of a break-up of Europe's monetary union intensifies.

There is now a clearer alternative to the US dollar than before monetary union.

Swedish- style thinking is permeating the debate on how Europe's 16- country monetary union can prevent another Greek style crisis .

Europe's monetary union has been badly undermined by a sovereign debt crisis in past months.

His comments underlined the ECB's confidence that emergency measures to stabilise Europe's 11-year-old monetary union are working.

Repairing the monetary union will require hard labour for years, but the alternative is worse.

Europe's monetary union is in a deep crisis.

The guardians of European monetary union are now held hostage to Greek taxpayers.

On the eve of monetary union 55% of Germans were against it, making their nation the euro zone's most reluctant founders.

The big question, however, is whether a monetary union run on German lines can work.

A monetary union, a currency, needs an economic and political union to walk properly.

The European monetary union cannot run on automatic pilot based in Frankfurt.

Such steps could help dispel concerns about the cohesion of monetary union and strengthen the euro.

The original conception of Europe's monetary union saw no need for such integration.

It is hard to imagine a shared enterprise more dependent on solidarity than a monetary union.

For Europe, the price of continued monetary union will be stronger fiscal union.

The project of European monetary union is entering the most dangerous phase in its 11-year history.

Greece has exposed two key flaws in EMU (European Monetary Union) . . .

As for monetary union, America twice created central banks in its early years and then dismantled them because of populist dislike.

Some non-euro countries would probably join this monetary union.

Their problem is a basic flaw in the design of the monetary union.

And I do think we have a real problem with European monetary union.

European Union budget pact designed to underpin monetary union and the euro. It aims to prevent any one euro zone . . .

Despite the UAE's move, the monetary union's remaining backers seem keen to press on.

This situation makes bond markets in a monetary union unusually prone to forces of contagion, very much like in banking systems.

Third, we need to provide for the future and upgrade the monetary union to a stability union.

The effect has been to leave a question mark over the long-term future of monetary union.

The EU has initially established a economic and monetary union.

The biggest risk is that eurozone inflation will be much higher than people think or imagined at the start of the monetary union.

One argument is that Germany entered monetary union at an overvalued exchange rate and has since improved its relative competitiveness.

In particular, we are watching with interest the economic convergence for European Monetary Union on 1 January next year.

The project of monetary union confronts a huge challenge.

In Europe's monetary union, for example, Berlin is pushing for a stiffer set of fiscal rules.

They are tracking the yield spreads between Italian and German 10-year bonds, the stress barometer of monetary union.

If monetary union does implode, Greece will probably get the blame.

a monetary union is primarily a political , and not an economic project.

So long as this level of political capital is invested in the euro, monetary union is highly likely to survive.

Currencies have left monetary unions in the past, a recent example being Ireland's departure from the UK monetary union in 1979.

There are deep divisions in the party over European monetary union.

"Some countries will average low growth but the adjustment doesn't mean monetary union cannot function, " Moec said.

Where this leaves those nations outside monetary union is not yet entirely clear.

It is Europe's bad luck that the first recession weathered by its monetary union is the worst in 80 years.

This is going to be the most important week in the 11-year history of Europe's monetary union.

Thus, in December 1991, did I conclude an article on the rush to monetary union.

The first, now well-known, is that monetary union could exist without political integration.

What is now clear is that a monetary union between countries with divergent fiscal policies is unsustainable.

I am still of the view that we can avoid a collapse of the monetary union, but this is really the very first true test of its stability.

If you really want to take part in a monetary union, say when you want to do it, and then create the necessary conditions for membership.

But in a monetary union, that is impossible.

The chance to change behaviour in the Mediterranean countries to justify monetary union with Germany was missed in 1999.

Ten years on, the original design of European monetary union has shown itself to be fundamentally flawed.

The first is whether it is conceivable that one or more member countries could leave the eurozone without destroying the monetary union.

Although Hong Kong maintains a separate currency, that currency link creates a monetary union with the US.

One is that those who signed up to monetary union knew that it was bound to lead to fiscal integration;

The prospective euro members, they said, had not yet reduced their debt and deficits to suit a workable monetary union;

Economic Commission for Europe European Economic and Monetary Union European Free Trade Association European Investment Bank

The interaction of monetary policy and wage bargaining in the European Monetary Union: lessons from the endogenous money approach

Monetary and Fiscal Coordination in the European Economic and Monetary Union: A Review

The century of Euro: European Economic Monetary Union theory and practice

a much-ballyhooed convergence ahead of monetary union across Europe;

The Realizing Way of East Asia Monetary Union--A Tentative Plan

EMU; European Economic and Monetary Union [formal form];

We believed monetary union without fiscal union was risky;

The Legal Protection of European Monetary Union

WAEMU West African Economic and Monetary Union

The Unstable Basis of European Monetary Union

West African Economic and Monetary Union

and to avoid new obstacles to joining the monetary union

III External aspects of euro and EMU (European Monetary Union)

Asia Dreams Of Monetary Union

UMOA West African Monetary Union