EMU: why and how it might happen

Article Abstract:

The Treaty of Maastricht, which incorporates the 1957 Treaty of Rome, the European Community's founding act and the Single European Act of 1986, provides for the adoption of a single European currency before 1999 and the creation of a political union. Membership in the single currency group will be determined by the heads of state in 1998 with voting weight to be determined by a country's size. Once membership is determined, a country has to join the Economic and Monetary Union with the exception of the UK and Denmark which included opting out as a condition in signing the treaty.

Europe, Laws, regulations and rules, Economic policy, European Union, Monetary policy, Western Europe

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The new EMS: narrow bands inside deep bands

Article Abstract:

The deep bands adopted by the European Monetary System (EMS) in 1993 are examined to determine whether or not a policy of narrower bands within deep bands have been adopted. Using a model that factors in the movement of the exchange rates, it was found that the strategy developed by the EMS includes asymmetric narrower bands that are usually not centered around a typical party. This method offers various advantages to the new system.

Models, European Monetary System

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Exchange rates and employment instability: evidence from matched CPS data

Article Abstract:

A study was conducted to analyze the importance of dollar movements for worker displacements and job insecurity. Micro data on job-changing and industry-switching of a matched panel of workers from consecutive March Current Population Surveys between 1977 and 1997 were examined. Results indicated that dollar movements, particularly dollar appreciations, may be correlated with altered employment instability.

Foreign Currency Management, Economic aspects, Employment, Unemployment

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