Titlebook: EMU — A Swedish Perspective; Lars Calmfors,Harry Flam,Anders Vredin Book 1997 Springer Science+Business Media Dordrecht 1997 European Unio

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The previous chapter discusses why the EMU could largely be regarded as a . project. The EMU, together with the common foreign and security policy (CFSP), belongs to the category of projects within the EU that is intended to create closer co-operation. It may be described as one of the core areas for future cooperation.

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Ueber die arithmetischen Reihen,The exchange-rate arrangements between participants in the monetary union and non-participants will be a central question. A substantial part of the preparatory work for the monetary union within the EU has concerned this issue.

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The EMU and Social Efficiency,Social efficiency requires that the available resources are fully utilised and that the resources employed are used efficiently. This chapter focuses on the latter aspect. The question is to what extent the monetary union could contribute toward more efficient use of the resources employed.

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Macroeconomic Disturbances and Monetary Policy,Two possible consequences of a European monetary union are often contrasted with each other. On one hand, membership of the union can mean higher credibility for low inflation. On the other, the loss of monetary policy independence means less freedom of action in stabilisation policy and thus a risk of larger fluctuations in output and employment.

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Transition Problems,Earlier chapters discuss the economic and political aspects of the monetary union once it has come into being. However, the creation of the union also involves specific . problems, which must be considered.

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Exchange-Rate Arrangements between Participants in the Monetary Union and Non-Participants,The exchange-rate arrangements between participants in the monetary union and non-participants will be a central question. A substantial part of the preparatory work for the monetary union within the EU has concerned this issue.

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The EMU as a Political Project,t members of the EU. It is being implemented by the creation of new political institutions. It will probably play a significant political role in the process of further EU integration. And monetary policy is a central element in economic policy.

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