Monetary folly

Article Abstract:

Asian plans to establish a 'yen bloc' must consider valuable lessons which can be learned from the setbacks suffered by the EC brought about by the French referendum and obstacles facing the European Monetary System (EMS). The European experience indicates that no group of countries can attain monetary union unless there is economic and political unity. One obstacle in the EMS which is severely hampering its implementation is the fact that the participating countries have divergent economic objectives. Other region must first realize the disadvantages of monetary union before deciding to establish one.

Evaluation, Column, Monetary unions, European Monetary System

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Piggy bank raid: premier squares off for fiscal battle

Article Abstract:

Japanese Prime Minister Kiichi Miyazawa is intent on implementing major fiscal stimulation of the economy despite strong opposition from the country's financial bureaucrats. The ruling Liberal Democratic Party will push for a supplementary budget of around 5 trillion yen as part of the fiscal stimulation package. However, to compensate for the drop in private capital spending, extra spending of about 7 to 8 trillion yen may be needed.

Planning, Economic policy, Fiscal policy, Liberal Democratic Party (Japan), Miyazawa, Kiichi

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