Bond markets
Banking
POLICY MISSIONS
MAKING THE EUROSYSTEM A CENTRAL BANK
DEALING WITH EUROPEAN UNEMPLOYMENT
MANAGING FINANCIAL TRANSFORMATIONS
COPING WITH A LACK OF POLITICAL UNION
CONCLUSION
The importance of the monetary strategy for a successful start of European monetary policy
The new monetary policy instruments and procedures for the euro area
Minimum reserve system
Introduction
Monetary policy strategy of the ESCB
Pushing the boundaries of the process of European integration
Pushing the boundaries of stability-oriented economic policies
Pushing the boundaries in the development of financial markets
The Eurosystem and the equity markets
Introduction
The monetary policy strategy
Accountability and transparency
Навигация
Pushing the boundaries of the process of European integration
Европейская денежная система
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1. Pushing the boundaries of the process of European integration
I shall start with a few comments on the role of the euro in the overall European integration process: I think there is little doubt that in future books on European history the start of the third stage of European Economic and Monetary Union on 1 January 1999 will be marked as a significant and unique event in the long process of European integration. On that day, the national currencies of 11 EU countries became denominations of the euro. At the same time, the "Eurosystem" (which is composed of the European Central Bank (ECB) and the 11 national central banks (NCBs) of the participating Member States) assumed responsibility for the monetary policy of the euro area.
In order to put this event into a historical context, I should like to note that the establishment of an Economic and Monetary Union in Europe was, in fact, originally motivated more by general political arguments than by economic arguments. In the current debate, these overall political arguments have almost disappeared. Instead, the media and economic analysts are increasingly focusing their assessment of the new currency on the recent short-term economic and financial developments in the euro area.
The process of European integration started shortly after the end of the Second World War and gained momentum in the 1950s. At the time, the striving for integration was mainly driven by the aim of eliminating the risk that wars and crises would once more plague the continent. Through the establishment of common institutions, political conflicts could be avoided or at least resolved through discussion and compromise.
The idea of establishing a monetary union and a common monetary policy was raised at an early stage of this process. It was argued that the full economic effects from integration in Europe could only be gained if the transaction costs of exchanging different currencies were eliminated. Other benefits of a monetary union in Europe were emphasised less in the early stages of the discussion, partly due to the fact that at that time the Bretton Woods system was already providing a high degree of exchange rate stability.
The first concrete proposal for an economic and monetary union in Europe was presented in 1970 in the so-called Werner Report, named after the then Prime Minister of Luxembourg, Pierre Werner. However, this proposal was never implemented. In the aftermath of the break-up of the Bretton Woods system and the shock of the first oil crisis in 1973, the European economies entered a period of stagnation with high inflation, persisting unemployment and instability in exchange rates and interest rates. The European countries applied very different policy responses to the unfavourable economic developments, and policy co-ordination deteriorated. In this environment, it was not realistic to establish a monetary union.
The experience of this volatile period showed that large exchange rate fluctuations between the European currencies led to a disruption of trade flows and an unfavourable investment climate, thereby hampering the aims of achieving growth, employment, economic stability and enhanced integration. Therefore, the benefits of eliminating intra-EU exchange rate volatility became an increasingly powerful argument when the issue of establishing an economic and monetary union was revisited in the so-called Delors Report in 1989.
The Delors Report contained a detailed plan for the establishment of Economic and Monetary Union and eventually became the basis for the drafting of the Maastricht Treaty. This time, the time schedule for establishing the Economic and Monetary Union took into account the need to first achieve a high degree of nominal convergence for the participating countries.
The fact that the plan for the introduction of the single currency was then pursued and implemented in such a determined and consistent manner implied, in itself, a boost for the overall process of integration. The momentum of the process of integration is no longer crucially dependent on political decisions. By contrast, the integration of the European economies has become an irreversible and self-sustained process, which is proceeding automatically in all areas of political, economic, social and cultural life. The euro can thus be seen as a catalyst for further co-ordination and integration in other policy areas. This is one way in which the introduction of the euro has definitely helped to push the boundaries in the process of European integration.
Another way to push the boundaries in the European integration process relates to the geographical extent of the euro area and the European Union. Here, I sincerely hope that the four EU countries which have not yet adopted the euro will soon be able to join the Monetary Union. At the same time, I hope the process to enlarge the European Union with the applicant countries will progress successfully. An enlargement of the euro area and of the European Union would further strengthen the role of Europe in a global perspective and should be for the benefit of all participating countries. However, it is clear that countries aiming to join the Economic Monetary Union would have to fulfil the same degree of nominal convergence as was required from the participating countries when the Economic and Monetary Union was established. This is essential in order to avoid tensions to emerge in the euro area, which could eventually compromise macro-economic stability.
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