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Considers the likely microeconomic effects of European Monetary Union (EMU) and the European Central Bank (ECB), i.e. impact on firm‐level incentives and performance. Believes that firms’ uncertainty will be reduced by “a more stable and prudent macroeconomic environment”, and that a strong euro...
Considers the macroeconomic effects of European monetary union and the launch of the euro, suggesting that it offers major advantages to European traders, investors and consumers by reducing transaction costs, currency risks and information costs. Recognizes some problems, e.g. transition costs,...
Considers the implications of EMU and the introduction of the euro for European financial institutions and markets. Discusses the likely effects on interest rates, banks, stock/futures exchanges, asset allocation and the markets for bonds, equities and derivatives. Warns that financial markets...
Outlines the formation, structure and powers of the European Central Bank, which has the objective of maintaining price stability. Discusses its implementation of monetary policy and considers both actual and potential problems in terms of its independence, leadership, interest rate management,...
Considers the likely effects of EMU and the introduction of the euro on the “fragmented” European banking industry. Recognizes that transition to the euro will be expensive in terms of equipment, training, customer care etc.; and that some new products and services will be demanded (e.g....
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