With the launch of the Euro, Europe's monetary landscape has changed fundamentally. The fourth edition of this textbook on monetary integration has been significantly rewritten to take account of these changes. New issues include: monetary policies in Euroland in the presence of asymmetric shocks; the mechanics of open market operations in Euroland; the question of wether the Eurosystem is too decentralized; the Target Payments system; problems of bank supervision and control in Euroland; the future of the euro in the international financial system; whether the euro will be a strong currency; and financial and banking integration in Euroland. This edition has been produced in a larger format, with clear figures and tables with relevant international data. Chapter conclusions provide a clear summary of each topic under discussion. Paul De Grauwe's balanced analysis continues to provide a clear account of all the crucial issues surrounding monetary union for undergraduate students of monetary economics and European studies.
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Economics of Monetary Union enables students to gain a firm understanding of the theories and policies relating to monetary unions. The author analyses the costs and benefits associated with having one currency, as well as the practical workings and current issues involved with the Euro. Recent global events are addressed in this new edition and coverage of the credit crisis and its implications for the Eurozone has been added. Other changes include further discussion of the world's other monetary unions and more analysis of the increasing role of the Euro as an international currency. The regularity with which this text is updated ensures that it is topical and current which is of great importance to those studying the Economics of Monetary Unions. Online Resource Centre For lecturers: Instructor manual PowerPoint slides For students: Data (new) Questions (new) Links to articles and papers (new)
Paul De Grauwe is a Professor in the Department of Economics at the Catholic University of Leuven in Belgium.
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