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Legal Foundations and Institutional Framework of the Monetary Union in Europe and in the United States

By Johan Van Den Cruijce

Abstract

An economic and monetary union (EMU) is an area where there is complete freedom of movement of persons, goods, services, and capital. The financial markets in an EMU are completely integrated while the national currencies are conventional and have fixed exchange rates. Ultimately the national currencies may be replaced by a common currency and there will be one monetary policy. The EMU is considered to be the highest form of economic integration. This paper examines two examples of a monetary union; the first part focuses on the blueprint for a European monetary union as laid out in the Treaty on EU, and the second part analyzes the American example, i.e., the Federal Reserve System. The third part discusses the similarities and differences between the two systems and argues that although both systems look very similar, there are important differences which can be explained mainly by the lack of political integration in Europe

Topics: The Monetary Union, The European Monetary Union, European Monetary System, EMS, Single European Act of 1986, Delors Committee, Madrid Summit, European Monetary Institute, Committee of Governors of the Central Banks, European Central Bank, Continental Congress, Revolutionary War, First Bank of the United States, Civil War, Federal Reserve Act of 1913, Alrich-Vreeland Act of 1908, National Monetary Commission, New Deal Reforms, Board of Governors, Federal Reserve District Banks, Member Banks, Federal Open Market Committee, Advisory Committees, Economic and Monetary Union, Treaty of Maastricht, Federal Reserve System, EMU, Financial Markets, Currencies, Exchange Rates, Free Trade Zone, Tariffs, Quotas, Customs Union, Common Market, Freedom of Movement, Law and Economics, Economic Union, Efficiency, Growth Potential, Reserves, Monetary Integration, Economic Integration, Budgets, Deflation, Inflation, Treaty on European Union, Political Integration, Memorandum Barre, The Hague Summit, Werner Committee, Smithsonian Agreement, Banking and Finance Law, Comparative and Foreign Law, Constitutional Law, European Law, International Law, Law and Economics, Law and Politics, Legislation
Publisher: Digital Commons @ Georgia Law
Year: 1994
OAI identifier: oai:digitalcommons.law.uga.edu:stu_llm-1170
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