The ECU and European Monetary Integration
Springer, 28.10.1988 - 222 Seiten
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.
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The ECU An Imaginary or Embryonic Form
David F Lomax
The Use of the ECU as an Invoicing Currency
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accepted agents assets attractive authorities average basket become bilateral Board borrowing capital cent central banks changes coins companies component currencies concerned costs countries created defined demand Deutschmark discussion dollar domestic Economic ECU deposits ECU markets effect EMCF Eurocurrency Europe European European Monetary example exchange rates exchange-rate existence expected fact Federal Reserve Federal Reserve Board financial markets fixed foreign function future Germany gold greater growth holdings implies important increase inflation institutional integration interest interest rates intervention invoicing issue Italy less liabilities limited loans major margins means monetary policies national currencies notes official ECU operational parallel currency participants particular payment period political possible present private banks private ECU private markets problem proposal question reasons requirements respect responsibility result risk role share shift structure trade transactions unit of account weights