The main objective of this study is to search, using both theoretical analysis and empirical evidence for the European case, for the strategy to be followed for the creation of a monetary union among a group of countries, and to derive the conditions which have to be fulfilled in order to make such a strategy viable. The theoretical foundations for the creation of a monetary union are set out. The European realities suggest gradualistic approaches. Theoretical analysis of the strategy of economic policy coordination takes place in terms of all of the above considerations. Analysis then follows on the extent to which this strategy, implemented in Europe since the early seventies, has been successful. Finally, in the light of this analysis and analysis of other proposals, a conclusion is reached on which should be the preferred strategy, and how it should be established successfully. The move towards exchange rate fixity has implications for members' objectives and policies. The European arrangements were inadequate and did not pay sufficient attention to important issues which remained unsolved. Economic discipline was not forced and members' objectives diverged considerably. Policies did not depict any coordination pattern. As a result the 1972 intra-European exchange rate arrangements failed. Other undesirable implications also followed. Policy coordination still seems to be the preferable approach provided that important changes take place, and measures to eventually develop centralisation are taken. The decision to create a European monetary system is judged in view of these conclusions. Major weaknesses remain and the system's ability to guarantee long-run stability is questioned. Important changes are necessary for the Community to embark on the path to a monetary union. Indications are not encouraging, while important obstacles to the changes remain.

Thesis (Ph. D.)--University of Chicago. / "The pages included in this dissertation have been reprinted as chapters I-V of A history of the Latin monetary union ... issued as no. V of the Economic studies of the University of Chicago."

Master of Arts / Department of Economics / Steven P. Cassou / In this report, I investigate the possibility of a monetary unification among the Arab States. The Gulf Cooperation Council (GCC) states that include Bahrain, Saudi Arabia, Qatar, UAE, Kuwait and Oman are coming together on the basis of common ethnicity, religion, culture, traditions, and monetary issues. This research will discuss different factors upon which the monetary unification and the birth of a new currency depend. For comparison to the Euro, I closely examined different factors such as inflation rates, exchange rates, trade, etc. over the past decade. As stated, this examination was done to see how these factors compare with those of the Euro region to determine if a similar monetary unification among the GCC states is possible. The target date for launching the new GCC currency was January 1, 2010; however that date has long passed. Although the above mentioned factors are favorable to currency unification of the GCC states, ample time is necessary to achieve such a herculean feat. After all, the Europeans did not achieve the unification of the Euro in one night. One hurdle to unification is that the GCC states still need to control the inflation rates in their own economies. Other economic factors, such as trade, have been favorable for all the GCC states, and all the states have been doing well in terms of the U.S. dollar (USD). Although unification may not have met the January 1, 2010 goal, the GCC will still be observing the economic factors and considering other possible scenarios. All the GCC countries vow to achieve this unification.

Thesis (Ph. D.)--York University, 2000. Graduate Programme in Political Science. / Typescript. Includes bibliographical references (leaves 733-757). Also available on the Internet. MODE OF ACCESS via web browser by entering the following URL: http://wwwlib.umi.com/cr/yorku/fullcit?1492753.

Thesis (Ph. D.)--University of Chicago, Dept. of Anthropology, March 2003. / Includes bibliographical references. Also available on the Internet.

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The research looks at the design of fiscal and monetary policy in EMU. The characteristics of the "economic constitution" established in the Maastricht treaty are analysed to test their robustness to different hypothesis about fiscal sustainability and fiscal and monetary policy interaction. Chapter two illustrates how the possibility of default of public debt in one large member country creates interdependence among fiscal positions of all member countries. Chapter three and four show that a similar kind of interdependence between national fiscal position could be determined by the effect that un-funded fiscal expansions have on the level of prices. The theoretical argument, borrowed from the so called Fiscal Theory of Price Determination, is developed both in a closed economy, to illustrate the basic mechanism and its interpretation, and in a two country monetary union model. Chapter five analyses, in a game theoretical framework, how the interdependence between policy instruments should be recognised in full, in order for any policy to be effective. In a situation in which a possible conflict of objectives or preferences between policy makers is present, any institutional arrangements which does not deal with it positively is intrinsically inefficient and can result in the policies cancelling each other out. The last chapter develops an example on how the conflict between policy institutions can be endogenous to an institutional structure chosen to reduce the influence of policy uncertainty on the economy. It is therefore a note of caution about the common belief that is possible with simple institutional solutions to overcome differences in preferences or objectives that are characteristic of the European environment. The analysis suggests that both greater fiscal policies cooperation and decentralisation of policy institutions from national to regional are developments necessary to achieve the policy goals of the Monetary Union.

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Originally presented as the author's thesis (doctoral)--Technische Universität Braunschweig, 2005. / Includes bibliographical references.