European Monetary and Fiscal Policy Book

	List of Figures
	List of Tables
	List of Boxes
	List of Abbreviations
	Preface
	Introduction	1
1	European Monetary Integration	3
1.1	Origins of European Monetary Integration	4
1.2	The European Monetary System: Phases and Crises	8
1.3	The Costs and Benefits of a Monetary Union	16
1.4	The Transition to Economic and Monetary Union	27
2	EMU and the European (System of) Central Bank(s)	31
2.1	The European (System of) Central Bank(s)	32
2.2	Central Bank Independence: The Rationale	38
2.3	Independence of the E(S)CB	43
2.4	Accountability of the E(S)CB	46
3	European Monetary Policy	54
3.1	The Monetary Policy Strategy: Options	55
3.2	The Monetary Policy Strategy of the ECB	61
3.3	The Instruments of European Monetary Policy	66
3.4	The Relation between the 'Ins' and the 'Outs'	71
3.5	Banking Supervision	74
4	National Fiscal Policy in EMU	80
4.1	The Need for Fiscal Rules in EMU	81
4.2	The Stability and Growth Pact	87
4.3	Harmonization of Taxes	95
4.4	Tax Competition	100
5	European Fiscal Policy	107
5.1	The Budget of the European Union	108
5.2	Agenda 2000: Reform and New Member States	122
5.3	A European Stabilization Policy?	127
6	Financial Integration and Financial Market Structure	139
6.1	The Integration of European Financial Markets	140
6.2	Financial Market Structure and Monetary Transmission	146
6.3	The New European Financial Landscape	155
7	EMU and International Policy Co-ordination	165
7.1	The International Role of the Euro	165
7.2	Co-ordination of Exchange Rate Policies	175
	References	182
	Index	190