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The birth of the Euro has been an important event in the history of monetary unions as it has been the first time that a group of countries (member states) have given up their monetary sovereignty to pass it over to a common central bank in absence of a process of political unification. For the European Monetary Union (UME) the Euro is the first alternative to the dollar & is the key currency of the international monetary system. The article analyzes the consequences that the introduction of the Euro has had on the relationship of the European Union with the International Monetary Fund & discusses the need for a complete political unification of Europe. Tables, References. M. Schroeder

Gives an overview of the contributions of major economists & researchers to the research published in Il Politico. Some common themes are discussed: reflections on the free market, the role of the state & economic planning, analyses of the economies of socialist countries & their transitions to the market, & the study of the process of economic & monetary integration in Europe. Discusses how these themes have developed over the years in the publication. E. Miller

"The financial crisis-- originated in 2008 in the United States--had a dramatic impact on the world economy. The European Union was immediately involved, but its reaction to the crisis was clearly inadequate. The misgovernment of the European economy not only put at risk the European Monetary Union, but it also caused further hindrances to the recovery of the global economy. The global financial turmoil shook deep-rooted beliefs. The doctrine of international neo-liberalism is more and more criticized. Nevertheless, the critics of neo-liberalism focus their attention on the relationship between the state and the market, as if the nation states, with their international organisations, have enough power for an effective global governance of the world economy. The model of European supranational integration, though seriously imperfect, can suggest some new way out from the crisis-- even at the world level--based on a new relationship between the supranational government of the Union and the market.In this book, several academic disciplines are involved: international economics, international political economy, international law, international relations, political theory and democratic theory. Adopting such a multidisciplinary theoretical perspective, the volume tries to answer the following question: Is a more supranational Europe able to provide a better government of the EMU? Does this reform involve more European democracy? "--

The financial crisis - originated in 2008 in the United States - had a dramatic impact on the world economy. The European Union was immediately involved, but its reaction to the crisis was clearly inadequate. The misgovernment of the European economy not only put at risk the European Monetary Union, but it also caused further hindrances to the recovery of the global economy. The global financial turmoil shook deep-rooted beliefs. The doctrine of international neo-liberalism is more and more criticized. Nevertheless, the critics of neo-liberalism focus their attention on the relationship betwee

This paper concerns theory and evidence of the monetary transmission mechanisms. Current research has deeply investigated factors, such as dependence of firms on bank credit, that amplify the impact of monetary policy impulses on aggregate demand exerting strong but temporary effects on output and employment. We present an intertemporal macroeconomic equilibrium model of a competitive economy where current production is financed by bank credit, and then we use it to identify supply–side effects of the credit transmission mechanism in data drawn from the Italian economy. We find evidence that the 'credit variables' identified by the model – the overnight rate as a proxy of monetary policy and a measure of credit risk – have permanent effects on employment and output by altering credit supply conditions to firms.To save on space, mathematical proofs, statistical tests and data sources have been gathered in two separate appendices that can be examined on request.(J.E.L.: E2, E5).