The EU and the European Central Bank

Paper Summary:

The paper discusses the EU's success at integrating monetary policy through the European Central Bank (ECB) as well as economically within the context of a single currency. The paper explains how the Euro has been not only functional, but effective at stabilizing macroeconomic forces within the EU and enabling the EU to approach the international community as a unified force. The paper also looks at the impediments to further economic and political integration of the EU model and concludes that the EU has performed fairly well in an often fractious environment.

Outline:
Overview
The EU and the European Central Bank
EU Monetary Policy
Exchange Rates
Conclusion

From the Paper:

"The European Union (EU) has, since its inception, fostered much debate regarding its ultimate success at integrating monetary policy through the European Central Bank (ECB) as well as economically within the context of a single currency. Yet, despite all the debate, the EU finds itself not only functioning but expanding: "European Union enlarges from 15 to 25 members and tries to write itself a first-ever European constitution" (Dale, 2003, para.2). The EU as a political and economic model has its conception in the Maastricht Treaty of 1992 when a union of European states was formalized into the EU; however, the idea of a unified Europe has its roots in the period following World War II when a cohesive European Community was sought to aid in recovery (Harrop, 1998)."

Sample of Sources Used:

• Backe, P. and Mooslechner P. 2004. From Transition to Monetary Integration: Central and Eastern Europe on Its Way to the Euro Comments on the Country Papers. Comparative Economic Studies 46.1, p.177+.
• Barrell R. and Dury K. 2003. Asymmetric Labour Markets in a Converging Europe: Do Differences Matter?. National Institute Economic Review, p.56+.
• Begg I, Hodson D. and Maher I. 2003. Economic Policy Coordination in the European Union. National Institute Economic Review, p.66+.
• Begg I. and Schelkle W. 2004. The Pact Is Dead: Long Live the Pact. National Institute Economic Review, p.86+.
• Dale R. 2003. European Union, Properly Construed. Policy Review, p.39+.

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• Research Paper # 61552 : "Integration of the European Union"

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