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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

Abstract
Putting the high public debt ratios on a downward path after the surge during the pandemic and allocating sufficient resources to deliver on the green and digital transition will be among the priorities confronting the EU institutions emerging from the June 2024 European elections. After a long and painful debate, EU institutions have agreed upon a new fiscal rulebook that aims to incentivise the reallocation of national public spending to the green and digital transition. However, the additional public investment is unlikely to suffice to comply with the goals of net zero that the EU has set for itself. In particular, investments of a transnational nature will remain undersupplied. This article proposes setting up a successor to NextGenerationEU – a new EU fund until 2030 for financing European public goods (EPGs) to address the double transition. Access to the facility would be conditional on adherence to the EU fiscal rules. By tying up the implementation of the new fiscal framework, the debate on the future of NextGenerationEU and the next multiannual EU budget post-2027, the credibility and internal consistency of these various instruments will be greatly enhanced.

This significant new book provides a succinct overview of the essential policy issues surrounding capital liberalization. The book compares the experiences of transition economies in Europe with those of advanced nations, allowing the reader to examine the changing international economic and financial environment within which transition countries have to liberalize. The book first deals with the critical issues concerning liberalization, including sequencing and financial market development. The authors move on to present an overview of the early liberalization experiences of advanced economies and East-Asian countries. This provides the context for a series of chapters reviewing liberalization progress in transition economies, in which international experts and senior officials analyze their own countries' experiences. The authors also emphasise the importance of financial market reform and the construction of a sound institutional framework if countries are to attract and productively use capital inflows. A stable financial system, whilst not infallible, is also crucial for minimizing the risk of financial crises of the type experienced by a number of countries during the 1980s and 1990s. The comprehensive scope of the subject matter and international contributions from a range of different perspectives will ensure this book is warmly received by academics and researchers with an interest in EU accession, transition economics and financial market reform. It will also serve as a useful guide to governments involved in capital liberalization in other parts of the world such as Latin America and Asia

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