The political economy of the European economic and monetary union: political sources of an economic liability

Article Abstract:

The European economic and monetary union (EMU) provides for the adoption of a single currency and the creation of a political union by Jan 1999. As the schedule nears, the provision of the Maastricht Treaty pertaining to the requirement of a 3% budget test is being redefined to accomodate France and Germany which are adopting accounting gimmicks to reduce their budget deficits in 1997. While the EMU is intended to create a formidable European political union, it will create negative effects on economic cycles and the peace and conflict situation in Europe and the rest of the world.

Europe, Economic policy, Western Europe

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Israel's stabilization program of 1985, or simple truths of monetary theory

Article Abstract:

A study was conducted to examine Israel's stabilization program of 1985. The study focuses on the impact of the country's program on inflation and analyzes its implications for monetary policy. Results show that Israel's stabilization program reduced inflation rates from approximately 500% to less than 20%. The Israel case demonstrates the value of sound monetary policy and also of heterodox policy in ending the inflationary process.

Research, Economic aspects, Israel, Economic stabilization

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