Monetary Unions: Background, Advantages and Disadvantages

Sławomir Ireneusz Bukowski (Editor)
Kazimierz Pulaski University of Technology and Humanities in Radom, Poland

Series: European Political, Economic, and Security Issues
BISAC: BUS045000

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This book embraces the problems of theoretical and historical fundamentals of monetary union with special concentration on the euro area, and discusses concerns of nominal and real convergence within the Economic and Monetary Union in the Europe, as well as problems of fiscal and monetary policy in the euro area. Problems of social policy and the issue of the financial market’s role in the financing process of European companies.

The conclusions that were made concern different problems of functioning of monetary unions, especially in the euro area, which will be very useful not only in debates between scientists, but also for politicians in the European Unions. The content of the book and the problems which are tackled in it are not a contribution to the discussion which is going on and which, in my opinion, will last for a long time because there are many things which are still not understood, and economic life in the globalized world poses many challenges which economists are trying to respond to.

This book will be very useful and interesting for scientists economists, journalists, students and politicians.

Preface

Chapter 1. Fundamentals of Monetary Union and the Role of Financial Markets Integration: An Overview
(Sławomir Ireneusz Bukowski, Department of International Business & Finance, Faculty of Economic and Legal Sciences, Kazimierz Pulaski University of Technology and Humanities in Radom, Poland)

Chapter 2. Problematic Theoretical Considerations of Monetary Unions
(Mark Baimbridge, School of Management, Faculty Management and Law, University of Bradford, Bradford, UK)

Chapter 3. Historical Background of EMU
(Grażyna Agnieszka Olszewska, Department of International Business & Finance, Faculty of Economic and Legal Sciences, K. Pulaski University of Technology and Humanities in Radom, Poland)

Chapter 4. On the Adjustment Mechanisms in Open Economies: The Road from Exchange Rates to Monetary Unions
(Anelí Bongers-Chicano and Carmen Díaz-Roldán, Department of Economics, Universidad de Málaga, Spain, and others)

Chapter 5. A Monetary Union without a Fiscal Union?
(Bodo Herzog, Economics Department, ESB Business School, Reutlingen, Germany, and others)

Chapter 6. Is Fiscal Union the Only Cure for EMU's Woes?
(Katarzyna Kalinowska, Department of International Business&Finance, Faculty of Economic and Legal Sciences, Kazimierz Pulaski University of Technology and Humanities in Radom, Poland)

Chapter 7. The Golden Rule as a Controversial Way to Optimal Public Investment in a Monetary Union
(Séverine Menguy, Department of Social Sciences, Université Paris Descartes, Sorbonne, Paris Cité, France)

"The establishment of the euro area has been one of the most important events in the economic history of Europe. Almost 20-year lifetime of the Economic and Monetary Union leads to an in-depth reflection on the effects in practice of its mechanisms. Such reflection is found in this book, which is the result of the work of the international research team under the direction of Prof. Sławomir Bukowski. The book provides an original and valuable contribution to the researches and literature.
The starting point for analysis is characteristic of theoretical bases of functioning of Monetary Union and occurring within the adjustment mechanisms. Then in question is the issue of the functioning of the Monetary Union without fiscal Union, the ECB's monetary policy and its consequences, and the importance of the process of real convergence of Member States ' economies. An important area of analysis are the problems of the European Banking Union, structural imbalances and the flow of capital in the euro area, as well as the financial market as a source of capital for companies." - Prof. Leokadia Oręziak, Head of the Department of International Finance, Warsaw School of Economics, Poland

Keywords: Monetary union, single monetary policy, currency rate of exchange, asymmetric shocks, fiscal federalism, fiscal policy economic convergence

Audience: Academic economists, economists practitioners, managers, students, politicians.

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