Suchergebnisse

The recent crisis in the ERM has meant EMU can no longer proceed along
the lines proposed in the Maastricht Treaty. Proposes that a two or
even multi‐speed EMU should emerge from the crisis. This would be based
on a "hardcore" which would form the basis for exchange rate/macro
policy management for "softer" countries.

Different types of monetary sovereignty are issues in exchange rate agreements monetary unions. Policy sovereignty refers to independence in making exchange rate & monetary policy, legal sovereignty to a country's ability to make its own laws with respect to the unit of contract & medium of exchange. This article traces the history of the concepts & their applications in the history of political philosophy & monetary policies. The first section relates the concepts of legal & policy sovereignty as they emerged in Roman law into the Europe of the Middle Ages & Renaissance. The second part discusses the implication of the sovereignty issue for choice along the road to the European Monetary Union. 26 References. [Copyright 2002 Sage Publications, Inc.]

The paper deals with the development strategies and performances of 12 franc zone African LDCs. Beside the actual rate of growth, the "relative growth performance" is considered; this performance, measured as a residual of a regression on exogenous factors, appears to be close to the average performance of other LDCs and better than that of African LDCs. The results are explaind by the direct influence of the foreign exchange regime of the zone and by its impact on economic policy. (DSE)