2013Q2 – 06 – CEE - ABN AMRO Insights
... does not want to ‘go negative’; they have hinted at the option of weakening the koruna if needed. In Turkey, we expect the CBRT to keep finetuning its monetary tools in an effort to keep the current account deficit, inflation and credit growth in check while preventing lira appreciation. With so man ...
... does not want to ‘go negative’; they have hinted at the option of weakening the koruna if needed. In Turkey, we expect the CBRT to keep finetuning its monetary tools in an effort to keep the current account deficit, inflation and credit growth in check while preventing lira appreciation. With so man ...
Exchange-Rate Systems and Currency Crises
... • Issues notes and coins convertible into a foreign anchor currency at a fixed exchange rate • Backing of the domestic currency must be at least 100 percent: Monetary policy on autopilot • Benefits of a currency board system (Figure) • Concerns • Prevents a country from pursuing a discretionary mone ...
... • Issues notes and coins convertible into a foreign anchor currency at a fixed exchange rate • Backing of the domestic currency must be at least 100 percent: Monetary policy on autopilot • Benefits of a currency board system (Figure) • Concerns • Prevents a country from pursuing a discretionary mone ...
The Uselessness of Monetary Sovereignty
... favorable and unfavorable, of adopting the new European currency. It is as if both camps started from an unspoken Keynesian assumption that monetary and political authorities can exercise discretionary influence on society if their territories are of the requisite size. For Keynes, the capitalist sy ...
... favorable and unfavorable, of adopting the new European currency. It is as if both camps started from an unspoken Keynesian assumption that monetary and political authorities can exercise discretionary influence on society if their territories are of the requisite size. For Keynes, the capitalist sy ...
The Future of the Dollar-Euro Exchange Rate, 2002
... The U.S. dollar replaced the pound sterling after World War I as the dominant world currency because of the size of the American economy and its global trade, the existence of large and well-developed financial markets in the United States, and its more stable value.2 The dollar has performed three ...
... The U.S. dollar replaced the pound sterling after World War I as the dominant world currency because of the size of the American economy and its global trade, the existence of large and well-developed financial markets in the United States, and its more stable value.2 The dollar has performed three ...
Speech by Tsvetan Manchev, BNB Deputy Governor, Member of the
... expressed the BNB position on the issues of Bulgaria’s membership in the EMU. This is, maybe, one of the subjects on which the BNB management has always had a most clear and explicit position. It confirms the European orientation of the Bank as an issuing institution and main financial sector regula ...
... expressed the BNB position on the issues of Bulgaria’s membership in the EMU. This is, maybe, one of the subjects on which the BNB management has always had a most clear and explicit position. It confirms the European orientation of the Bank as an issuing institution and main financial sector regula ...
Price and wage flexibility
... (increases the role of stable and predictable macroeconomic policy) • The ability of a country to achieve and maintain low inflation is important while evaluating the costs of monetary integration. • Some governments could have an incentive to abandon a low inflation commitment that has been accepte ...
... (increases the role of stable and predictable macroeconomic policy) • The ability of a country to achieve and maintain low inflation is important while evaluating the costs of monetary integration. • Some governments could have an incentive to abandon a low inflation commitment that has been accepte ...
Global Fixed Income. ARE CENTRAL BANKS
... making their responses more measurable. In the U.S., the Fed would target economic growth and inflation, while the European Central Bank (ECB) and the Bank of England (BoE) would target an explicit inflation rate. But the financial crisis forced central banks to move away from their traditional mone ...
... making their responses more measurable. In the U.S., the Fed would target economic growth and inflation, while the European Central Bank (ECB) and the Bank of England (BoE) would target an explicit inflation rate. But the financial crisis forced central banks to move away from their traditional mone ...
-1- Draft: 10/14 THE DEMISE OF THE DOLLAR? PLUS ÇA
... -5convenience and capital certainty when they do business in dollar-denominated claims. Some other economies also offer many of these same attractions, but by no means on the same scale. The euro zone, combining the financial sectors of all its members, was initially expected to pose a serious comp ...
... -5convenience and capital certainty when they do business in dollar-denominated claims. Some other economies also offer many of these same attractions, but by no means on the same scale. The euro zone, combining the financial sectors of all its members, was initially expected to pose a serious comp ...
History of Exchange Rate Regimes
... Today, 12 countries within the 25 member European Union have adopted a single currency, the euro, as their legal tender. ...
... Today, 12 countries within the 25 member European Union have adopted a single currency, the euro, as their legal tender. ...
Monetary policy of the ECB: strategy and tools
... securities excluding equity, and pension liabilities, net of inter-company loans (credit market instruments in the US), debt by governments are loans and ...
... securities excluding equity, and pension liabilities, net of inter-company loans (credit market instruments in the US), debt by governments are loans and ...
Swedish krona
... Neue Mainzer Str. 52-58 60311 Frankfurt am Main phone: +49 69/91 32-20 24 fax: +49 69/91 32-22 44 ...
... Neue Mainzer Str. 52-58 60311 Frankfurt am Main phone: +49 69/91 32-20 24 fax: +49 69/91 32-22 44 ...
Currency Union and Disunion in Europe and the Former Soviet Union
... issuing country, discounting those from freer spending countries.5 In July 1993, Russia issued new banknotes featuring the Russian flag, declaring the old Soviet banknotes no longer legal tender. The currency situation became increasingly complex and chaotic, nullifying the advantage of a common cur ...
... issuing country, discounting those from freer spending countries.5 In July 1993, Russia issued new banknotes featuring the Russian flag, declaring the old Soviet banknotes no longer legal tender. The currency situation became increasingly complex and chaotic, nullifying the advantage of a common cur ...
Slide 1
... EU country, financial assets could be easily transferred elsewhere while labor is stuck. – The loss of financial assets could further reduce production and employment. Copyright © 2009 Pearson Addison- ...
... EU country, financial assets could be easily transferred elsewhere while labor is stuck. – The loss of financial assets could further reduce production and employment. Copyright © 2009 Pearson Addison- ...
European System of Central Banks
... • Instead it can control the very short-term interest rate: European Over Night Index ...
... • Instead it can control the very short-term interest rate: European Over Night Index ...
To the point – New budgetary surveillance in the EU
... The “European semester”, which was adopted by the European Council in June 2010, is a coordination cycle for fiscal, economic and employment policy. Systematic communication between national governments and the European Union creates a dedicated time frame for budgetary surveillance and makes it eas ...
... The “European semester”, which was adopted by the European Council in June 2010, is a coordination cycle for fiscal, economic and employment policy. Systematic communication between national governments and the European Union creates a dedicated time frame for budgetary surveillance and makes it eas ...
Lessons from the European Economic and Financial Great Crisis: A
... takes” to preserve the euro and to struggle the crisis. - On September 6, 2012, the ECB approved the Outright Monetary Transactions (OMT) programme. - The purpose of this programme was, firstly, to reduce spreads in public bonds interest rates of troubled countries with respect to Germany, and, - se ...
... takes” to preserve the euro and to struggle the crisis. - On September 6, 2012, the ECB approved the Outright Monetary Transactions (OMT) programme. - The purpose of this programme was, firstly, to reduce spreads in public bonds interest rates of troubled countries with respect to Germany, and, - se ...
Slide 1
... Slovakia in 2009, Estonia in 2011 and Latvia in 2014. Lithuania was refused entry in 2007 since its inflation rate was 2.7%. The average inflation rate of the three lowest inflation countries in the EU (inflation was lowest in Sweden – a non-Eurozone country) was 1.1%. Lithuania failed to reach the ...
... Slovakia in 2009, Estonia in 2011 and Latvia in 2014. Lithuania was refused entry in 2007 since its inflation rate was 2.7%. The average inflation rate of the three lowest inflation countries in the EU (inflation was lowest in Sweden – a non-Eurozone country) was 1.1%. Lithuania failed to reach the ...
THE EURO AS A RESERVE CURRENCY
... 11 European currencies and the European currency unit (ECU) on January 1, 1999 and has appeared on the international financial market. It was launched with hopes and expectation about its future international role. Some even speculated that it might someday replace the dollar as the most important i ...
... 11 European currencies and the European currency unit (ECU) on January 1, 1999 and has appeared on the international financial market. It was launched with hopes and expectation about its future international role. Some even speculated that it might someday replace the dollar as the most important i ...
Why Not a Global Currency?
... national price levels. Nothing could be further from the truth, and as virtually everyone knows by now, exchange rates fluctuate wildly in comparison with goods prices. Early in the flexiblerate experience, theorists offered what appeared to be an attractive answer to this observation: currency is a ...
... national price levels. Nothing could be further from the truth, and as virtually everyone knows by now, exchange rates fluctuate wildly in comparison with goods prices. Early in the flexiblerate experience, theorists offered what appeared to be an attractive answer to this observation: currency is a ...
Development in banks` loan-loss provisions over recent years
... account of the likelihood that some loans may not be repaid in full. In practice, in most euro area countries, accounting provisions are typically made once the loan has genuinely become impaired, for instance when interest payments have been missed. As a consequence, on a macroeconomic level, provi ...
... account of the likelihood that some loans may not be repaid in full. In practice, in most euro area countries, accounting provisions are typically made once the loan has genuinely become impaired, for instance when interest payments have been missed. As a consequence, on a macroeconomic level, provi ...
Rationale behind a euro area "fiscal capacity"
... MS and EU institutions have taken many measures in attempts to address these issues and to strengthen economic and monetary union (EMU), the integration process that brought the euro's creation. The main areas of action have included: Increased coordination of MS' budgetary and economic policies, ...
... MS and EU institutions have taken many measures in attempts to address these issues and to strengthen economic and monetary union (EMU), the integration process that brought the euro's creation. The main areas of action have included: Increased coordination of MS' budgetary and economic policies, ...
Future of Europe Deepening the Economic and Monetary Union
... To see this and other European Movement International policies, please take a look at our website: ...
... To see this and other European Movement International policies, please take a look at our website: ...
One Market, One Money – - Archive of European Integration
... area with stable exchange rates and free capital mobility, there can only be one interest rate. Countries such as France or Italy, which had to open their capital markets by 1992, logically faced the choice to let their currencies float (if they wanted to maintain monetary sovereignty) or to keep th ...
... area with stable exchange rates and free capital mobility, there can only be one interest rate. Countries such as France or Italy, which had to open their capital markets by 1992, logically faced the choice to let their currencies float (if they wanted to maintain monetary sovereignty) or to keep th ...
Notes
... G-5 (France, Japan, Germany, the U.K., the U.S.) agreed that USD should depreciate and G-5 intervened in the FX market. ¥/$ = 260 in 09/1985; ¥/$ = 120 in 11/1988. ...
... G-5 (France, Japan, Germany, the U.K., the U.S.) agreed that USD should depreciate and G-5 intervened in the FX market. ¥/$ = 260 in 09/1985; ¥/$ = 120 in 11/1988. ...
History of the euro
The euro came into existence on 1 January 1999, although it had been a goal of the European Union (EU) and its predecessors since the 1960s. After tough negotiations, particularly due to opposition from the United Kingdom, the Maastricht Treaty entered into force in 1993 with the goal of creating an economic and monetary union by 1999 for all EU states except the UK and Denmark (even though Denmark has a fixed exchange rate policy with the euro).In 1999 the currency was born virtually and in 2002 notes and coins began to circulate. It rapidly took over from the former national currencies and slowly expanded behind the rest of the EU. In 2009 the Lisbon Treaty finalised its political authority, the Eurogroup, alongside the European Central Bank.