Ebook: The Economic and Business Consequences of the EMU: A Challenge for Governments, Financial Institutions and Firms

The Economic and Business Consequences of the EMU A Challenge for Governments, Financial Institutions and Firms Hubert Ooghe Conference Chairman, Vlerick Leuven Gent Management School alld Ghent University EMU finally got under way on 1 st January 1999. Since then 11 European countries share a common currency, the Euro, and pursue a common monetary policy managed by the European Central Bank (ECB). After forty years of economic integration, Euroland has the wherewithal with which to enter the 21 st century. However monetary union has implications for nearly all areas of economic activity and decision-making. Throughout the academic world researchers are fully occupied with the theoretical analysis of the impact of the Euro and the effects of incorporating the new operational framework into their economic models. Businesses and government departments are concerned primarily with the practical implementation of the single currency. For all those who playa part in the economy, it is a question of making the most of the macro and micro­ economic opportunities offered by the Euro and minimising any threats. On 17th and 18th March 2000, after the EMU and Euro were in operation for one year, an international conference was held in Ghent (Belgium) on the economic consequences of the introduction of the EMU and the Euro for governments, financial institutions and firms.

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The European Monetary Union (EMU) got under way on 1 January 1999. Since then 11 European countries share a common currency, the Euro, and pursue a common monetary policy managed by the European Central Bank (ECB). After forty years of economic integration, Europe has the wherewithal with which to enter the 21st century. However monetary union has implications for nearly all areas of economic activity and decision-making. Throughout the academic world researchers are fully occupied with the theoretical analysis of the impact of the Euro and the effects of incorporating the new operational framework into their economic models. Businesses and government departments are concerned primarily with the practical implementation of the single currency. For all those who play a part in the economy, it is a question of making the most of the macro and microeconomic opportunities offered by the Euro and minimizing any threats.
The Economic and Business Consequences of the EMU describes the economic consequences of the introduction of the EMU and the Euro for governments, financial institutions and firms. The volume,s aims are threefold:

• To make a first assessment after about a year=s experience with Economic and Monetary Union;
• To examine the impact of EMU and the introduction of the Euro in various areas of economic policy, involving both government and the corporate sector including the banking industry;
• To provide an insight into the challenges that the Euro offers for the coming years with respect both to macro-economic policy and the development of the financial markets and with respect to business management.

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The European Monetary Union (EMU) got under way on 1 January 1999. Since then 11 European countries share a common currency, the Euro, and pursue a common monetary policy managed by the European Central Bank (ECB). After forty years of economic integration, Europe has the wherewithal with which to enter the 21st century. However monetary union has implications for nearly all areas of economic activity and decision-making. Throughout the academic world researchers are fully occupied with the theoretical analysis of the impact of the Euro and the effects of incorporating the new operational framework into their economic models. Businesses and government departments are concerned primarily with the practical implementation of the single currency. For all those who play a part in the economy, it is a question of making the most of the macro and microeconomic opportunities offered by the Euro and minimizing any threats.
The Economic and Business Consequences of the EMU describes the economic consequences of the introduction of the EMU and the Euro for governments, financial institutions and firms. The volume,s aims are threefold:

• To make a first assessment after about a year=s experience with Economic and Monetary Union;
• To examine the impact of EMU and the introduction of the Euro in various areas of economic policy, involving both government and the corporate sector including the banking industry;
• To provide an insight into the challenges that the Euro offers for the coming years with respect both to macro-economic policy and the development of the financial markets and with respect to business management.

Content:
Front Matter....Pages i-viii
Beyond EMU : The Need for New Momentum....Pages 1-20
European Competitiveness and the Euro....Pages 21-27
The Euro: The Issues for the Future....Pages 29-52
EMU from an Historical Perspective....Pages 53-92
Monetary Policy in the Euro Area and the First Year of the Eurosystem....Pages 93-123
How the Euro Affects Investments....Pages 125-153
The Evolution of National Tax Structures in View of the EMU....Pages 155-180
Challenges for Successful Wage Setting in Europe....Pages 181-209
EMU and European Labour Markets....Pages 211-237
Social Protection Competition in the EMU....Pages 239-268
Central and Eastern European Countries and the Advent of the Euro: Is Euro-isation a Good Idea ?....Pages 269-300
Price Differences and Price Setting in the European Car Market....Pages 301-328
Strategy and the Euro: The Impact of the Single Currency on Business Strategy....Pages 329-354
Banking in the EMU: an Industrial Organization Perspective....Pages 355-384
Impact of the Introduction of the Euro on Financial Reporting in the EMU....Pages 385-410
How will the Euro Affect Corporate Finance?....Pages 411-438

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The European Monetary Union (EMU) got under way on 1 January 1999. Since then 11 European countries share a common currency, the Euro, and pursue a common monetary policy managed by the European Central Bank (ECB). After forty years of economic integration, Europe has the wherewithal with which to enter the 21st century. However monetary union has implications for nearly all areas of economic activity and decision-making. Throughout the academic world researchers are fully occupied with the theoretical analysis of the impact of the Euro and the effects of incorporating the new operational framework into their economic models. Businesses and government departments are concerned primarily with the practical implementation of the single currency. For all those who play a part in the economy, it is a question of making the most of the macro and microeconomic opportunities offered by the Euro and minimizing any threats.
The Economic and Business Consequences of the EMU describes the economic consequences of the introduction of the EMU and the Euro for governments, financial institutions and firms. The volume,s aims are threefold:

• To make a first assessment after about a year=s experience with Economic and Monetary Union;
• To examine the impact of EMU and the introduction of the Euro in various areas of economic policy, involving both government and the corporate sector including the banking industry;
• To provide an insight into the challenges that the Euro offers for the coming years with respect both to macro-economic policy and the development of the financial markets and with respect to business management.

Content:
Front Matter....Pages i-viii
Beyond EMU : The Need for New Momentum....Pages 1-20
European Competitiveness and the Euro....Pages 21-27
The Euro: The Issues for the Future....Pages 29-52
EMU from an Historical Perspective....Pages 53-92
Monetary Policy in the Euro Area and the First Year of the Eurosystem....Pages 93-123
How the Euro Affects Investments....Pages 125-153
The Evolution of National Tax Structures in View of the EMU....Pages 155-180
Challenges for Successful Wage Setting in Europe....Pages 181-209
EMU and European Labour Markets....Pages 211-237
Social Protection Competition in the EMU....Pages 239-268
Central and Eastern European Countries and the Advent of the Euro: Is Euro-isation a Good Idea ?....Pages 269-300
Price Differences and Price Setting in the European Car Market....Pages 301-328
Strategy and the Euro: The Impact of the Single Currency on Business Strategy....Pages 329-354
Banking in the EMU: an Industrial Organization Perspective....Pages 355-384
Impact of the Introduction of the Euro on Financial Reporting in the EMU....Pages 385-410
How will the Euro Affect Corporate Finance?....Pages 411-438
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