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This book provides a comprehensive overview of the process of capital liberalization in Europe from the time of the writing of the Treaty of Rome in the 1950s to the complete abolition of restrictions in the latter half of the 1980s and early 1990s in the run up to Economic and Monetary Union. The process is described mainly from an institutional angle, with special reference to the far-reaching discussions in the Monetary Committee and the role of the European Commission. Related topics such as monetary cooperation, the working of the European Monetary System, taxation and supervision issues are also dealt with. The book highlights the motives which countries held with respect to maintaining or abolishing restrictions. Their eventual abolition had important consequences for the financial structure in member states and for the transition to the use of indirect instruments of monetary policy by the national central banks. The book will be of outstanding interest for anyone who is professionally involved in European integration issues and in monetary and financial policy

Monetary Stability through International Cooperation contains essays written by high ranking policy makers in the field of central banking and international finance, written in honour of André Szász, who has been Executive Director of De Nederlandsche Bank since 1973, responsible for international monetary relations. Colleagues from several other central banks, from finance ministries and from international institutions pay tribute to him by analysing the conditions fostering European as well as global monetary stability. The book provides an inside view of the thinking of monetary officials at the turn of 1993/1994, when the currency turmoil in the ERM of mid-1993 had subsided and views on its implications for exchange rate management and, more generally, for European integration were taking shape. Topics include exchange rate stabilisation, policy coordination and central bank independence. A second section, on the international monetary system, includes essays on the policy implications of present day dynamic financial markets as well as the role of the IMF. This book, written by `insiders for an insider', provides valuable insights to those who are interested in contemporary international monetary relations