This paper considers two major issues in the evolution of the European Union, the Single Market and the Single Currency. The first chapter deals with the projected effects of the 1992 Programme, and the second chapter deals with the collapse of the Exchange Rate Mechanism of the European Monetary System and examines the prospects for European Monetary Union given this collapse. The third chapter revolves around the concept of Central Banking under Monetary Union and focuses on the European Monetary Institute and the European System of Central Banks. Chapter four presents data regarding the progress of the European Union towards the target of the Single Currency, as well as other macroeconomic indicators.

Thesis (Ph. D.)--University of Chicago, Department of Economics, August 2000. / Includes bibliographical references. Also available on the Internet.

Thesis (Ph. D.)--University of California, Santa Cruz, 1999. / Typescript. Includes bibliographical references (leaves 97-105).

Thesis (Ph. D.)--Indiana University, 1996. / Vita. Includes bibliographical references (leaves 180-199).

No description available.

M.Comm. / The purpose of the dissertation was to determine the appropriateness of forming a monetary union with a common currency within SACU. SACU embodies five neighbouring countries, who are situated in the Southern region of Africa. These countries include: South Africa, Botswana, Namibia, Swaziland and Lesotho. The benefits and costs that might accrue to the SACU region with the formation of a monetary union were highlighted in the study. Past experiences of European and African monetary unions have shown that countries who participate in a monetary union were able to pursue credible and disciplined monetary policies. Fiscal and monetary variables determined how appropriate it is to form a monetary union within SACU. The study analysed the level of convergence of fiscal variables and the comovement of monetary variables using statistical analysis and graphical representations. The analysis was essential in assessing the readiness of the SACU states for the eventual formation of a monetary union. Since countries such as Lesotho, Swaziland and Namibia are small in terms of their respective populations, sizes of their economies, per capita income in comparison to their neighbours such as South Africa and Botswana, the study highlights the fact that regional monetary integration is a useful way of increasing their economic influence and participation in an increasingly globalised world. The study concludes that the formation of a monetary union with a common currency within SACU is feasible and provides some ideas for further studies.

Southern Africa's viability as a monetary union has long been under discussion. The Southern African Customs Union (SACU) is the world's oldest operating customs union, and one of the most efficient and it has the potential to foster meaningful regional economic integration. A strong foundation has been laid down by the SACU member countries in terms of trade relations, financial cooperation and policy coordination. Using the optimum currency areas (OCA) theory, the study examines the readiness and compatibility of the SACU member countries to establish an optimum currency area. The OCA theory reveals that SACU members are in very good shape and already exhibit some attributes necessary for forming an optimum currency area (OCA). The empirical evidence suggest that, from an economic perspective, it is feasible for SACU countries to move towards a fully-fledge monetary union because of the increasing macroeconomic convergence, and this means that the countries are undergoing similar shocks. The deeper trade relation that exists between SACU member states seems to have important influence on business cycle co-movements. Accordingly, the study concludes SACU has advanced its integration more than what is required in a Customs Union and that a monetary union within SACU is feasible, given the macroeconomic convergence, similar production structures and risk-hedging possibilities of member countries and because peripheral countries are able to resort to South Africa's capital market and overdraft facilities. However, the absence of real political will among the member countries will be a major stumbling block in the formation of a monetary union. It is important to note that even the formation of the EMU was not exclusively driven by economic merits per se, but also by the real political will, which had a major influence on its realisation. Such strong political will and unity on issues around the formation of the common currency would be needed to SACU countries to override issues of national interest and, the study therefore recommends that SACU countries should draw lessons from the EMU and CFA Franc zone model as these are empowered supranational authorities that have counteracted sovereignty and other political concerns to bring about meaningful and deepening economic integration in the region. / Thesis (M.Soc.Sc.)-University of KwaZulu-Natal, Pietermaritzburg, 2010.

The CFA consists several African economies adhering to one of two common currencies, and one of two central banks. The rules of the monetary union provide for the pooling of foreign assets, and the regulation of monetary expansion in each country. The French treasury guarantees the convertibility of CFA Francs into French Francs at a fixed rate. The thesis examines the impact of CFA membership on the macroeconomic performance of member states, assessing the claim that CFA institutions have influenced capital and labour markets, and have modified short run adjustment to external shocks. There are a number of reasons why CFA membership could facilitate higher investment, (i) The rules governing money creation may lead to greater monetary prudence, and so lower inflation and price variability, and less uncertainty for investors, (ii) Guaranteed convertibility means that firms will never be prevented from importing capital goods by a lack of foreign exchange, (iii) Convertibility may encourage a greater degree of integration between French and CFA capital markets, so that domestic investment is not entirely dependant on domestic saving. A model of investment is constructed to incorporate these effects, and tested using time series and cross-sectional data. Support is found for (i) and (ii), but not for (iii). If African labour markets are characterised by nominal wage inertia, the enforced low inflation may lead to excessive real wages, and CFA membership may impair efficient allocation of labour. However, evidence suggests this characterisation is usually inappropriate. The pegged exchange rate may lead to persistent external imbalances: devaluation is not an option in response to a negative trade shock. This will not be a problem as long as an effective substitute for devaluation is found. A CGE model is constructed to examine the viability of various devaluation substitutes, none of which are found to be adequate.

Thesis (Ph. D.)--University of Chicago, Dept. of Economics, August 1997. / Includes bibliographical references. Also available on the Internet.

Thesis (Ph. D.)--University of California, Santa Cruz 2001. / Typescript. Includes bibliographical references (leaves 149-155).