#x98;The#x9C; European single market monetary and fiscal policy harmonization

THE EUROPEAN SINGLE MARKET This volume comprises a collection of papers, some of which were presented at different workshops organized by the European Economics and Financial Centre (London), in conjunction with various European central banks. In addition the book contains, in Chapter 2, the text of a memorial lecture on Trade and Financial Relationships of the US and Europe given by this author in New York. The lecture, known as the Henry George Lecture, was given at St John's University in New York in April 1993. The workshops were part of a series of workshops, the first of which was hosted by the Central Bank of Finland. At these workshops usually some 20 central banks from Europe, the Federal Reserve Board and various other central banks were present. Furthermore the workshops contain papers from international organizations such as the OECD, European Commission, Bank for International Settlement, government ministries, commercial banks, re­ search institutes and academics from Europe and elsewhere. The two workshops from which some of these papers were drawn were those held at the Central Bank of the Netherlands and the Central Bank of Austria. The workshop held at the Central Bank of the Netherlands (De Nederlandsche Bank), was on Policy Coordination, and took place during 2-4 November, 1992. The one held at the Central Bank of Austria (6stereichische Bank), was on Policy Formulation in Interdependent Market, and took place during 24-26 March 1993. Front Matter....Pages i-xiii Concerns and uncertainties for macroeconomic policy....Pages 1-9 Trade and financial relationships between the US and Europe....Pages 11-22 What might explain the September 1992 speculative attacks on the French franc?....Pages 23-44 Interest rate determination across the maturity spectrum in a small open economy: the case of Switzerland....Pages 45-64 Credibility of exchange rate policies: the Belgian experience....Pages 65-69 EMU — The issues for banks....Pages 71-81 Monetary and fiscal policy in a monetary union....Pages 83-107 Growth and specialization in an enlarged Europe: is a virtuous circle possible?....Pages 109-128 Exchange rate regime and central bank independence in a small volatile economy: the case of Iceland....Pages 129-143 The twin-debt problem in an interdependent world....Pages 145-164 Implied versus historical volatility: an empirical test of the efficiency of the currency options market....Pages 165-180 The past as prologue: a retrospective on the EC negotiations....Pages 181-195 Back Matter....Pages 197-201 This is a collection of contributions from European central bankers concerned with different national monetary and fiscal policies in public sector management. Some of the chapters concentrate on individual national policies and then deal with issues raised by the convergence, which is part of EC harmonization