By Arestis Philip Sawyer Malcolm
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Extra info for Economic and Monetary Union Macroeconomic Policies: Current Practices and Alternatives
Such suggestion is pertinent not merely in terms of the introduction of the two solutions proposed but also for the long-term survival of the euro area, as we argue later in the book. On 12 December 2012 the EU finance ministers reached a technical agreement to create a new single supervisor at the ECB. The ECB will supervise banks with assets worth more than €30 billion or 20 per cent of their country’s GDP (it amounts to around 200 out of 6,000 euro area banks; the latter includes all but one German savings bank).
The latter two central banks began to reduce their respective interest rates well after the emergence of the ‘great recession’ in August 2007. 9 that the Bank of England and the ECB rates only began to be reduced by 2009, well after the US rates started being reduced. 75 per cent, while the US and UK short-term rates are the same as in 2011. The euro exchange rate has moved substantially during its existence. 825 in October 2000. It remained below parity with the dollar until late 2002, and since then has been above parity.
Fiscal policy can be differentiated, whether as a side effect of the design of the tax system (the obvious example being a progressive income tax system, which has a degree of redistribution from rich areas to poor areas) or through the allocation of public expenditure. Fiscal policy has the capabilities of being differentiated and of transferring resources though those capabilities need not be exercised. But monetary policy cannot be differentiated -- a common central bank discount rate must apply across all countries (or in the days of monetary targets, there is a single monetary aggregate to which the targeting applies).
Economic and Monetary Union Macroeconomic Policies: Current Practices and Alternatives by Arestis Philip Sawyer Malcolm