The ECU and European Monetary Integration

The creation of the ECU in 1979 as part of the newly established European Monetary system was greeted with widespread scepticism, few predicted the success it would have in private financial markets. The macroeconomic and microeconomic implications of the ECU and its significance for monetary integration in Europe are considered by a variety of contributors from academics to those in banking circles. Current research is examined and the theoretical and empirical aspects of the emergence of the ECU as a vehicle for European policy-making are considered to provide insights as to its future development.

List of Tables - List of Figures - Acknowledgements - Notes on the Contributors - Introduction - The ECU: An Imaginary or Embryonic Form of Money: What can we learn from History; M.D.Bordo & A.J.Schwartz, Comments by P.De Grauwe - The ECU and European Monetary Management in Europe; P.R.Allen - The Macroeconomics of the ECU: The ECU and the Working of the EMS; A.Steinherr, Comments by J.Melitz - Decentralization and Accountability within the Central Bank: Any Lessons From the US Experience for the Potential Organization of a European Central Banking Institution?; N.Thygesen, Comments by J-J.Rey - The ECU as an Investment Currency; D.F.Lomax, Comments by H.Christie - The Use of the ECU as an Invoicing Currency; A.Jozzo, Comments by A.Louw - The ECU and the International Monetary System. A Panel Discussion Contributions from Jean-Paul Mingasson, Tommaso Padoa-Schioppa, Robert Triffin, Roland Vaubel & John Williamson - Index