European Economic & Monetary Union; The Institutional Framework

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The pending establishment of the European Economic and Monetary Union (EMU) is a cutting-edge issue on the brink of realisation. The European Central Bank (ECB) president, who will play a pivotal role in the success of EU monetary policy, has already been appointed.

Topical coverage includes novel problems posed by the monetary union; a review of mechanisms in the separation between control of monetary and fiscal policy and affecting drafted financial products for use in the unprecedented monetary union; and the eventual role of the ECB in the EMU, especially in banking supervision.

Based on a joint research project on the monetary union by the Centre of European Law at King's College and the London Institute of International Banking, Finance and Development Law, this work presents nineteen highly topical chapters. The authors are from varied jurisdictions and professional disciplines.

Academics in banking/finance and economic law, government officials, and practitioners will appreciate the high intellectual content yet practical utility of this work on a topic poised to have a significant effect in the very near future.

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Product Details

Table of Contents

Series Editor's Preface
Some Abbreviations and Acronyms
List of Contributors
Table of Legislation
Table of Cases
Pt. I The Community Institutions and the Transition to EMU
Ch. 1 The Transition to EMU
Ch. 2 Legal Aspects of the Changeover to a Single Currency
Ch. 3 Ins and Outs of EMU: No Grounds for Discrimination
Ch. 4 The Transition to Stage Three: Impact on the Financial Markets
Ch. 5 The Change to a Single Currency: Legal Problems and Solutions
Ch. 6 The Improvement of the European Payment Systems: Crucial Tool for the Achievement of the Single Currency
Pt. II Monetary and Macroeconomic Policy in EMU
Ch. 7 EMU in Perspective
Ch. 8 Monetary-Policy Strategies for the European Central Bank and their Implementation
Ch. 9 The European Constitutional Framework for Member States' Public Finances
Ch. 10 The Separation of Monetary and Fiscal Policy in Stage Three of EMU
Ch. 11 The Excessive Deficit Procedure: A Legal Description
Ch. 12 Towards a Credible Excessive Deficit Procedure
Ch. 13 Sound Public Finances and Fiscal Targets
Ch. 14 National Debt Boards: An Institutional Route to Fiscal Discipline
Pt. III The European Central Bank
Ch. 15 European Monetary Union and Central Bank Independence
Ch. 16 Independence and Accountability of the European Central Bank
Ch. 17 Between Domestic Democracy and an Alien Rule of Law? Some Thoughts on the 'Independence' of the Bank of England
Ch. 18 Banking Supervision, the Internal Market and European Monetary Union
Ch. 19 Banking Supervision and Lender of Last Resort in EMU
App. 1 Treaty on European Union ('Maastricht Treaty') (February 7, 1992) (Extracts with relevance for EMU)
App. 2 Treaty Establishing the European Community (Treaty establishing the European Economic Community of March 25, 1957, as amended by the Single European Act of February 17/28, 1986 and the Treaty on European Union of February 7, 1992) (Extracts with relevance for EMU)
App. 3 Protocols and Declarations with Relevance for EMU
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