Alice In Euroland

The paper contains a detailed critique of the common currency arrangements of the Economic and Monetary Union, embodied in the laws and emerging procedural arrangements that govern the actions of its key institutions: the European Central Bank and the European System of Central Banks. The main message here is 'Great idea, shame about the execution'. A number of improvements are then proposed. Some of these require amending the Treaty, including an end to the rule that each EMU member's national central bank has a seat on the Governing Council or the removal of the power of the Council of Ministers to give 'general orientations' for exchange rate policy. Others, notably in the areas of accountability, openness and transparency, could be implemented immediately, including publication of voting records, minutes and the inflation forecast. Improved arrangements are also advocated for the co-ordination of monetary and fiscal policy. And the article calls for a European Parliament that can both bark and bite.

This paper responds to some of the questions raised by Willem Buiter in his article 'Alice in Euroland' (CEPR Policy Paper No. 1) relating to the Eurosystem's approach to transparency and accountability. In his paper Willem Buiter makes a number of specific proposals designed to enhance the ECB's transparency and accountability. In his reply, Issing states that monetary policy-makers, like anybody else, have to filter, process and structure relevant information and interpret it on the basis of a coherent frame of reasoning. This is the purpose of adopting a monetary policy strategy that serves as a guide both for internal decision-making and for external communication with the public. Therefore, he argues, transparency and accountability need to be discussed against the background of the stability-oriented monetary policy strategy that the ECB has actually adopted and not as if it were pursuing some other strategy such as direct inflation targeting.

This book takes a broad perspective to challenge orthodox views about the role of Euroland in the world economy, providing a comprehensive framework to address important questions for the future of the Euro, including the key question: will the single currency contribute to world economic dynamism or be driven by the vigour and vitality of others?

As the EU continues its integration process, the concepts of culture and transnational European belonging remain ambivalent, whether in the realm of socio-historical representation or mass politics. Engaging with recent scholarly debates surrounding the formation of collective transnational identities, this collection draws on the latest empirical case studies to explore the meaning and composition of European identity, the mechanisms that create and shape it and the question of whom it includes. Each author pays close attention to the cultural aspects of identity formation, whether manifested in official, institutional articulations, such as symbols, coinage, ceremonies and discursive manifestations, or in the cultures of the everyday, such as through new forms of communication networks, consumption or leisure. Exploring attempts by various actors - institutions, groups, individuals - to create transnational European identities, European Identity and Culture scrutinizes the cultural formations that have either reignited or emerged in often contradictory relations to the EU project, including local, regional and transnational allegiances. A rich, interdisciplinary investigation of the role of culture in the formation of European identity, whether as a central building block to unity or as a formidable obstacle to a common sense of purpose, this book will be of interest to scholars across the social sciences and humanities working on questions of political culture, European integration, citizenship and (trans-) national identity.

This important book provides an analysis of the economic relationship between Britain and the EU and discusses the future direction in which this relationship might develop. It examines the historic and contemporary costs and benefits of EU membership, and assesses whether this has been a burden or a benefit for the British economy. In addition the authors assess current trends and developments, most notably in the area of participation in Economic and Monetary Union (EMU) and the consequences that this would have. Questions of fiscal federalism, the development of a minimum level of social policy for Europe, together with the likely impact on business and trade unions are also considered. The authors then discuss potential future scenarios, including a more flexible loose membership arrangement or complete withdrawal, and the affect that a range of options might have on the British economy.

A non-technical analysis of the monetary policy strategy, institutions and operational procedures of the Eurosystem, first published in 2001.

Written by experts in the field, this volume offers an in-depth and forward-looking legal, economic, and political science analysis of the rationale, main features, as well as the shortcomings of European economic, monetary, and financial integration. It is primarily intended for an academic audience and policymakers.

Sixten Korkman gives an overview of the economic policies and the economic policy regime of the EU, including EMU and the internal market. He provides analysis of policy issues in the light of economic theory and examines critically the rationale for policy intervention at the EU level. The book also describes and explains the legal and institutional set up of the EU and illustrates issues of principle by referring to practical cases of EU deliberations.