The Impact of Emu on Europe and the

Now that EMU is here and likely to stay, the "second generation" of research is under way. This volume presents a significant sample of that research and explores questions such as: How do central bankers who used to run their own banks now melt into a single pot? Are labour markets going to shape up? Is the euro becoming a world currency?

Part I. Introduction

Introduction and Overview

3

(14)

Charles Wyplosz

Part II. Impact on Europe

Monetary Union and Fiscal Federalism

17

(23)

Kenneth Kletzer

Jurgen von Hagen

Accountability, Credibility, Transparency, and Stabilization Policy in the Eurosystem

40

(36)

Alex Cukierman

The Role of National Central Banks and of Different Policy Cultures

76

(35)

Harald Uhlig

Games for Central Bankers: Markets versus Politics in Public Policy Decisions

111

(17)

Alessandra Casella

Will EMU Increase Eurosclerosis?

128

(41)

Gilles Saint-Paul

Samuel Bentolila

Growing Alike or Growing Apart? Industrial Specialization of EU Countries

169

(26)

Marius Brulhart

EMU Effects on International Trade and Investment

195

(30)

Harry Flam

Per Jansson

Part III. Impact on the Rest of the World

European Financial Markets after EMU: A First Assessment

225

(44)

Jean-Pierre Danthine

Francesco Giavazzi

Ernst-Ludwig von Thadden

The Currency Composition of Foreign Exchange Reserves: Retrospect and Prospect

269

(25)

Barry Eichengreen

Donald J. Mathieson

EMU and the Developing Countries

294

(21)

Benjamin J. Cohen

Will the Euro Trigger More Monetary Unions in Africa?

315

(24)

Patrick Honohan

Philip R. Lane

Will the Emergence of the Euro Affect World Commodity Prices?

339

(27)

John T. Cuddington

Hong Liang

The Impact of EMU on European Transition Economies: Commitment, Institutional Capacity, and the Monetary-Fiscal Mix

366

(27)

David Begg

Part IV. Conclusions

A Critical View and the Research Agenda

393

(9)

Charles Wyplosz

Index

402

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The Impact of Emu on Europe and the Developing Countries

Summary

Table of Contents

Supplemental Materials