Jerome L. Stein
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199280575
- eISBN:
- 9780191603501
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199280576.003.0006
- Subject:
- Economics and Finance, Financial Economics
On the basis of the NATREX model, several key studies are evaluated to answer the questions: How can the trends in the real exchange rates of the transition economies of Eastern Europe be explained? ...
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On the basis of the NATREX model, several key studies are evaluated to answer the questions: How can the trends in the real exchange rates of the transition economies of Eastern Europe be explained? What are sustainable and equilibrium real exchange rates, current account deficits, and net investment positions in the medium and in the long-run? What are the policy implications for the transition economies planning to join the Euro area? Neither the PPP nor the Balassa-Samuelson hypotheses can explain the data. Both the reduced form and structural equations of the NATREX model are consistent with the data for Hungary and the Czech Republic. The exchange rate behavior for Poland and Bulgaria also are explained by the NATREX model.Less
On the basis of the NATREX model, several key studies are evaluated to answer the questions: How can the trends in the real exchange rates of the transition economies of Eastern Europe be explained? What are sustainable and equilibrium real exchange rates, current account deficits, and net investment positions in the medium and in the long-run? What are the policy implications for the transition economies planning to join the Euro area? Neither the PPP nor the Balassa-Samuelson hypotheses can explain the data. Both the reduced form and structural equations of the NATREX model are consistent with the data for Hungary and the Czech Republic. The exchange rate behavior for Poland and Bulgaria also are explained by the NATREX model.
Kenneth Dyson and Kevin Featherstone
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780198296386
- eISBN:
- 9780191599125
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019829638X.001.0001
- Subject:
- Political Science, European Union
Structuralist explanations have dominated attempts to explain the process of European integration. However, as the negotiation of Economic and Monetary Union shows, policy leadership has been ...
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Structuralist explanations have dominated attempts to explain the process of European integration. However, as the negotiation of Economic and Monetary Union shows, policy leadership has been critical in launching, shaping, and sustaining this process. This leadership goes beyond policy entrepreneurship in setting the agenda to include the management of institutional venues in the pursuit of particular objectives.The Franco–German relationship emerges as a key venue that defines the scope and limitations of policy leadership and that was crucial in binding in the Bundesbank and EU central bankers to the process. At the domestic level, the political drive from Kohl and Mitterrand was decisive. Delors was a key driving force, at certain stages, both within the European Commission and as chair of the Delors Committee. Together, they acted as animateurs and ingénieurs of Economic and Monetary Union. The strategic aspect of leadership in the cases of Britain and Italy was altogether different. The Thatcher and Major governments repeatedly misjudged the commitment of their partners to proceed, and the inflexibility of their positions prevented them from building countervailing coalitions. For Italy, EMU was a test of external credibility: domestic weakness limited her overall influence on the progress of the initiative, whilst EMU was seized upon by a small leadership group as a new vincolo esterno (external constraint) to secure otherwise difficult domestic reforms. This latter strategy was replicated more widely as member states endeavored to meet the entry criteria for participation in the single currency.The outcome of the Maastricht Treaty was an imperfect agreement that generates serious future challenges for policy leadership. These challenges include cognitive gaps in EMU, institutional innovation, and imperfect legitimation.Less
Structuralist explanations have dominated attempts to explain the process of European integration. However, as the negotiation of Economic and Monetary Union shows, policy leadership has been critical in launching, shaping, and sustaining this process. This leadership goes beyond policy entrepreneurship in setting the agenda to include the management of institutional venues in the pursuit of particular objectives.
The Franco–German relationship emerges as a key venue that defines the scope and limitations of policy leadership and that was crucial in binding in the Bundesbank and EU central bankers to the process. At the domestic level, the political drive from Kohl and Mitterrand was decisive. Delors was a key driving force, at certain stages, both within the European Commission and as chair of the Delors Committee. Together, they acted as animateurs and ingénieurs of Economic and Monetary Union. The strategic aspect of leadership in the cases of Britain and Italy was altogether different. The Thatcher and Major governments repeatedly misjudged the commitment of their partners to proceed, and the inflexibility of their positions prevented them from building countervailing coalitions. For Italy, EMU was a test of external credibility: domestic weakness limited her overall influence on the progress of the initiative, whilst EMU was seized upon by a small leadership group as a new vincolo esterno (external constraint) to secure otherwise difficult domestic reforms. This latter strategy was replicated more widely as member states endeavored to meet the entry criteria for participation in the single currency.
The outcome of the Maastricht Treaty was an imperfect agreement that generates serious future challenges for policy leadership. These challenges include cognitive gaps in EMU, institutional innovation, and imperfect legitimation.
Kenneth Dyson and Kevin Featherstone
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780198296386
- eISBN:
- 9780191599125
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019829638X.003.0008
- Subject:
- Political Science, European Union
EMU is situated in the context of the legacies of Schiller (especially coronation theory) and of Schmidt (the creation of the EMS). Schmidt's leadership style is examined with reference to the ...
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EMU is situated in the context of the legacies of Schiller (especially coronation theory) and of Schmidt (the creation of the EMS). Schmidt's leadership style is examined with reference to the Bundesbank, especially Emminger and the ordo‐liberals. The failure to launch the second stage of the EMS in 1982 is also considered.Less
EMU is situated in the context of the legacies of Schiller (especially coronation theory) and of Schmidt (the creation of the EMS). Schmidt's leadership style is examined with reference to the Bundesbank, especially Emminger and the ordo‐liberals. The failure to launch the second stage of the EMS in 1982 is also considered.
Kenneth Dyson and Kevin Featherstone
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780198296386
- eISBN:
- 9780191599125
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019829638X.003.0009
- Subject:
- Political Science, European Union
Kohl's beliefs about EMU and governing style are examined, along with the policy ideas of Stoltenberg and the power of the Finance Ministry and of the Bundesbank over EMU. Particular attention is ...
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Kohl's beliefs about EMU and governing style are examined, along with the policy ideas of Stoltenberg and the power of the Finance Ministry and of the Bundesbank over EMU. Particular attention is paid to attempts to fend off challenges to develop the EMS. Crucial to this account is the role of Genscher and then of Kohl in preparing the Hanover European Council and in sustaining the political initiative by binding in the Bundesbank through Pöhl's role in the Delors Committee. The role and impact of German unification was central to the reframing of EMU in 1989–90 and to Kohl's leadership role.Less
Kohl's beliefs about EMU and governing style are examined, along with the policy ideas of Stoltenberg and the power of the Finance Ministry and of the Bundesbank over EMU. Particular attention is paid to attempts to fend off challenges to develop the EMS. Crucial to this account is the role of Genscher and then of Kohl in preparing the Hanover European Council and in sustaining the political initiative by binding in the Bundesbank through Pöhl's role in the Delors Committee. The role and impact of German unification was central to the reframing of EMU in 1989–90 and to Kohl's leadership role.
Kenneth Dyson and Kevin Featherstone
- Published in print:
- 1999
- Published Online:
- November 2003
- ISBN:
- 9780198296386
- eISBN:
- 9780191599125
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/019829638X.003.0010
- Subject:
- Political Science, European Union
The influences on German negotiating positions are examined from the preparation for the IGC through to the end game. The focus is on Kohl, Waigel, Köhler, and Lautenschlager, as well as what ...
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The influences on German negotiating positions are examined from the preparation for the IGC through to the end game. The focus is on Kohl, Waigel, Köhler, and Lautenschlager, as well as what happened inside the Bundesbank. A key question is why the German government accepted irreversibility at Maastricht. The Franco–German relationship emerges as central to the negotiations, along with Kohl's determination to save the treaty. German negotiators had to learn to trust the French, to move beyond coronation theory, and to pacify German public opinion by ensuring that the single currency was at least as stable as the D‐mark.Less
The influences on German negotiating positions are examined from the preparation for the IGC through to the end game. The focus is on Kohl, Waigel, Köhler, and Lautenschlager, as well as what happened inside the Bundesbank. A key question is why the German government accepted irreversibility at Maastricht. The Franco–German relationship emerges as central to the negotiations, along with Kohl's determination to save the treaty. German negotiators had to learn to trust the French, to move beyond coronation theory, and to pacify German public opinion by ensuring that the single currency was at least as stable as the D‐mark.
James Forder and Peter Oppenheimer
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780198280354
- eISBN:
- 9780191599422
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198280351.003.0012
- Subject:
- Political Science, Comparative Politics
The conditions for monetary union incorporated in the Maastricht Treaty conflict with the interests of the European peoples by giving priority to maintaining price stability over employment and ...
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The conditions for monetary union incorporated in the Maastricht Treaty conflict with the interests of the European peoples by giving priority to maintaining price stability over employment and growth. This involved capitulation in the 1980s to German Bundesbank insistence. The resulting disinflationary impetus in the Maastricht convergence criteria was relayed by successive reports from the European Commission rejecting responsibility for output and employment levels.Less
The conditions for monetary union incorporated in the Maastricht Treaty conflict with the interests of the European peoples by giving priority to maintaining price stability over employment and growth. This involved capitulation in the 1980s to German Bundesbank insistence. The resulting disinflationary impetus in the Maastricht convergence criteria was relayed by successive reports from the European Commission rejecting responsibility for output and employment levels.
Jordi Canals
- Published in print:
- 1994
- Published Online:
- October 2011
- ISBN:
- 9780198773504
- eISBN:
- 9780191695322
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198773504.003.0004
- Subject:
- Business and Management, Strategy, Finance, Accounting, and Banking
This chapter examines the core of the German financial system and analyses the performance of German banks by looking at the Deutsche Bundesbank, the German central bank whose prudence in managing ...
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This chapter examines the core of the German financial system and analyses the performance of German banks by looking at the Deutsche Bundesbank, the German central bank whose prudence in managing monetary policy and financial deregulation has fostered financial innovation in West Germany. It explains that it is possible to distinguish between two large groups of banks – the first is the group of universal banks which make up three-quarters of the sector's total business and includes three types of firms: commercial banks, savings banks, and credit cooperatives; the second group consists of those banks that offer more specialized services: mortgage banks, specialized banks, and postal-banking services. The chapter shows the dominance of universal banks over specialized banks, from the point of view of credit investment and shareholder assets, and adds that the comparative number of branches also confirms this.Less
This chapter examines the core of the German financial system and analyses the performance of German banks by looking at the Deutsche Bundesbank, the German central bank whose prudence in managing monetary policy and financial deregulation has fostered financial innovation in West Germany. It explains that it is possible to distinguish between two large groups of banks – the first is the group of universal banks which make up three-quarters of the sector's total business and includes three types of firms: commercial banks, savings banks, and credit cooperatives; the second group consists of those banks that offer more specialized services: mortgage banks, specialized banks, and postal-banking services. The chapter shows the dominance of universal banks over specialized banks, from the point of view of credit investment and shareholder assets, and adds that the comparative number of branches also confirms this.
Jack M. Mintz and Alfons J. Weichenrieder
- Published in print:
- 2010
- Published Online:
- August 2013
- ISBN:
- 9780262014496
- eISBN:
- 9780262289658
- Item type:
- book
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262014496.001.0001
- Subject:
- Economics and Finance, Econometrics
The recent increase in cross-border flows of foreign direct investment has sharpened the research focus on multinational taxation. This book examines how multinational corporations use indirect ...
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The recent increase in cross-border flows of foreign direct investment has sharpened the research focus on multinational taxation. This book examines how multinational corporations use indirect financing structures—organizing themselves into groups with several tiers of ownership—to reduce worldwide taxes. It spells out in detail how different tax policies affect corporations’ choice of financing structures, discussing the issues in both theoretical and empirical terms. Drawing on a unique data set (MiDi) on German multinationals provided by the Deutsche Bundesbank in Frankfurt, the book confirms the prevalence of indirect financing structures for both outbound and inbound German investment. It finds evidence of “treaty shopping” to avoid withholding taxes (using a third country with more favorable tax rates as a conduit through which to route investments) and of “debt shifting.” The book argues that increasing our knowledge of the tax reasons behind conduit investment will lead to a better understanding of how tax policy can affect macroeconomic flows of capital in the global economy. It reviews the trade-offs that governments face and discusses policy options, considering not only possible changes to corporate income tax policy but also the potential influence of international cooperation on countries’ domestic tax policy.Less
The recent increase in cross-border flows of foreign direct investment has sharpened the research focus on multinational taxation. This book examines how multinational corporations use indirect financing structures—organizing themselves into groups with several tiers of ownership—to reduce worldwide taxes. It spells out in detail how different tax policies affect corporations’ choice of financing structures, discussing the issues in both theoretical and empirical terms. Drawing on a unique data set (MiDi) on German multinationals provided by the Deutsche Bundesbank in Frankfurt, the book confirms the prevalence of indirect financing structures for both outbound and inbound German investment. It finds evidence of “treaty shopping” to avoid withholding taxes (using a third country with more favorable tax rates as a conduit through which to route investments) and of “debt shifting.” The book argues that increasing our knowledge of the tax reasons behind conduit investment will lead to a better understanding of how tax policy can affect macroeconomic flows of capital in the global economy. It reviews the trade-offs that governments face and discusses policy options, considering not only possible changes to corporate income tax policy but also the potential influence of international cooperation on countries’ domestic tax policy.
Andreas Beyer, Vitor Gaspar, Christina Gerberding, and Otmar Issing
- Published in print:
- 2013
- Published Online:
- September 2013
- ISBN:
- 9780226066950
- eISBN:
- 9780226043555
- Item type:
- chapter
- Publisher:
- University of Chicago Press
- DOI:
- 10.7208/chicago/9780226043555.003.0009
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter explains the monetary targeting framework followed by the German Bundesbank from 1974 to 1998, and relates the Bundesbank’s success in maintaining price stability and in anchoring ...
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This chapter explains the monetary targeting framework followed by the German Bundesbank from 1974 to 1998, and relates the Bundesbank’s success in maintaining price stability and in anchoring inflation expectations to its strategy. The goal is to provide a historical account of the conduct of monetary policy, focusing especially on the first ten years of monetary targeting, from 1975 until the middle of the 1980s, when price stability was virtually reached in Germany.Less
This chapter explains the monetary targeting framework followed by the German Bundesbank from 1974 to 1998, and relates the Bundesbank’s success in maintaining price stability and in anchoring inflation expectations to its strategy. The goal is to provide a historical account of the conduct of monetary policy, focusing especially on the first ten years of monetary targeting, from 1975 until the middle of the 1980s, when price stability was virtually reached in Germany.
Jack M. Mintz and Alfons J. Weichenrieder
- Published in print:
- 2010
- Published Online:
- August 2013
- ISBN:
- 9780262014496
- eISBN:
- 9780262289658
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262014496.003.0004
- Subject:
- Economics and Finance, Econometrics
This chapter empirically investigates the tax and nontax motives of establishing conduit entities in third countries as well as the motives for establishing country holdings. It provides descriptive ...
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This chapter empirically investigates the tax and nontax motives of establishing conduit entities in third countries as well as the motives for establishing country holdings. It provides descriptive evidence for the increasing role of holding companies and ownership chains, making use of the Deutsche Bundesbank’s FDI data (MiDi), and presents some explorative regressions that show the significance of tax factors behind ownership chains. The analysis of the German data suggests that tax factors are indeed important for ownership chains in international investment.Less
This chapter empirically investigates the tax and nontax motives of establishing conduit entities in third countries as well as the motives for establishing country holdings. It provides descriptive evidence for the increasing role of holding companies and ownership chains, making use of the Deutsche Bundesbank’s FDI data (MiDi), and presents some explorative regressions that show the significance of tax factors behind ownership chains. The analysis of the German data suggests that tax factors are indeed important for ownership chains in international investment.
Jack M. Mintz and Alfons J. Weichenrieder
- Published in print:
- 2010
- Published Online:
- August 2013
- ISBN:
- 9780262014496
- eISBN:
- 9780262289658
- Item type:
- chapter
- Publisher:
- The MIT Press
- DOI:
- 10.7551/mitpress/9780262014496.003.0005
- Subject:
- Economics and Finance, Econometrics
This chapter analyzes the effect of company taxes on complex multinational financial decisions, using firms selected from the database of the Deutsche Bundesbank (MiDi). It shows that the ...
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This chapter analyzes the effect of company taxes on complex multinational financial decisions, using firms selected from the database of the Deutsche Bundesbank (MiDi). It shows that the debt-to-asset ratios of German outbound investment significantly depend on the host country tax rates. Intracompany loans react in a slight elastic way to tax rate changes, while third-party debt appears less flexible.Less
This chapter analyzes the effect of company taxes on complex multinational financial decisions, using firms selected from the database of the Deutsche Bundesbank (MiDi). It shows that the debt-to-asset ratios of German outbound investment significantly depend on the host country tax rates. Intracompany loans react in a slight elastic way to tax rate changes, while third-party debt appears less flexible.
Jean Pisani-Ferry
- Published in print:
- 2014
- Published Online:
- May 2014
- ISBN:
- 9780199993338
- eISBN:
- 9780199346400
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199993338.003.0003
- Subject:
- Economics and Finance, Financial Economics
The European Central Bank (ECB) was established with the Maastricht Treaty, which in 1992 laid down the institutional foundations of European Union monetary union. The architects of the euro ...
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The European Central Bank (ECB) was established with the Maastricht Treaty, which in 1992 laid down the institutional foundations of European Union monetary union. The architects of the euro essentially decided to model the ECB on the German Bundesbank, an acknowledgement of the operational and intellectual dominance of Germany’s model of monetary policy. Upon Germany’s insistence, the institution that emerged from the Maastricht negotiations was made into one of the most independent monetary institutions in the world. The Maastricht architecture was also equipped with a budgetary discipline pillar, again upon Germany’s insistence. However, as the Greek, Irish and Spanish crises made clear, the Stability Pact suffered from severe design flaws, and euro-area members made the transition to the euro without realizing what responsibilities participation in a monetary union entails.Less
The European Central Bank (ECB) was established with the Maastricht Treaty, which in 1992 laid down the institutional foundations of European Union monetary union. The architects of the euro essentially decided to model the ECB on the German Bundesbank, an acknowledgement of the operational and intellectual dominance of Germany’s model of monetary policy. Upon Germany’s insistence, the institution that emerged from the Maastricht negotiations was made into one of the most independent monetary institutions in the world. The Maastricht architecture was also equipped with a budgetary discipline pillar, again upon Germany’s insistence. However, as the Greek, Irish and Spanish crises made clear, the Stability Pact suffered from severe design flaws, and euro-area members made the transition to the euro without realizing what responsibilities participation in a monetary union entails.
Marcel Fratzscher
- Published in print:
- 2018
- Published Online:
- April 2018
- ISBN:
- 9780190676575
- eISBN:
- 9780190676605
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780190676575.003.0011
- Subject:
- Economics and Finance, International
The euro is at a crossroads. Not only has it been blamed for having contributed to the European crisis and for preventing a solution, but there is a growing conflict between many in Germany and the ...
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The euro is at a crossroads. Not only has it been blamed for having contributed to the European crisis and for preventing a solution, but there is a growing conflict between many in Germany and the European Central Bank (ECB), the guardian of the euro and the common monetary policy. This division and isolated views in Germany are worrisome. Why do politicians, the media, and in particular, economists differ so fundamentally in their views on the euro and monetary policy? How is it possible that in this age, in which information is abundantly available and shared globally, nationality and the environment in which people operate play such a big role? What does it mean for the future of Europe?Less
The euro is at a crossroads. Not only has it been blamed for having contributed to the European crisis and for preventing a solution, but there is a growing conflict between many in Germany and the European Central Bank (ECB), the guardian of the euro and the common monetary policy. This division and isolated views in Germany are worrisome. Why do politicians, the media, and in particular, economists differ so fundamentally in their views on the euro and monetary policy? How is it possible that in this age, in which information is abundantly available and shared globally, nationality and the environment in which people operate play such a big role? What does it mean for the future of Europe?
Kenneth Dyson
- Published in print:
- 2016
- Published Online:
- September 2016
- ISBN:
- 9780198735915
- eISBN:
- 9780191799860
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198735915.003.0007
- Subject:
- Political Science, European Union, Political Economy
This chapter examines Hans Tietmeyer’s long engagement with EMU as a conviction Ordo-liberal, from the late 1960s to the launch of monetary union in 1999. In particular, it explores his intellectual ...
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This chapter examines Hans Tietmeyer’s long engagement with EMU as a conviction Ordo-liberal, from the late 1960s to the launch of monetary union in 1999. In particular, it explores his intellectual background and character; his efforts to adapt the design of EMU to Ordo-liberal principles; and the many controversies in which he was involved. The main focus is on a critical assessment of Tietmeyer’s contribution and his legacy to EMU and on the nature and role of Ordo-liberalism. How successful was he in identifying the foundations for a sustainable monetary union? The chapter is based on large-scale elite interview research.Less
This chapter examines Hans Tietmeyer’s long engagement with EMU as a conviction Ordo-liberal, from the late 1960s to the launch of monetary union in 1999. In particular, it explores his intellectual background and character; his efforts to adapt the design of EMU to Ordo-liberal principles; and the many controversies in which he was involved. The main focus is on a critical assessment of Tietmeyer’s contribution and his legacy to EMU and on the nature and role of Ordo-liberalism. How successful was he in identifying the foundations for a sustainable monetary union? The chapter is based on large-scale elite interview research.
Harold James
- Published in print:
- 2016
- Published Online:
- September 2016
- ISBN:
- 9780198735915
- eISBN:
- 9780191799860
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198735915.003.0008
- Subject:
- Political Science, European Union, Political Economy
As President of the Bundesbank Council, Karl-Otto Pöhl occupied a pivotal position in the negotiations leading to EMU, principally within the Delors Committee and within the Committee of EC Central ...
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As President of the Bundesbank Council, Karl-Otto Pöhl occupied a pivotal position in the negotiations leading to EMU, principally within the Delors Committee and within the Committee of EC Central Bank Governors. Based on original research, this chapter examines the factors conditioning Pöhl’s attitude to EMU, the paradox that accompanied his contribution to EMU, and his longer-term legacy. Pöhl was sceptical of the idea of monetary union, and many (including Margaret Thatcher) thought that he would block the proposal; but in fact, he agreed to sign the Delors Report. Later, he was instrumental in designing the ECB statute, and in particular the emphasis on the price stability mandate. At the same time, he offered public criticism of the project of monetary union. The chapter offers an insight into the role of the Bundesbank staff as well as of the President of the Bundesbank Council in the making of monetary union.Less
As President of the Bundesbank Council, Karl-Otto Pöhl occupied a pivotal position in the negotiations leading to EMU, principally within the Delors Committee and within the Committee of EC Central Bank Governors. Based on original research, this chapter examines the factors conditioning Pöhl’s attitude to EMU, the paradox that accompanied his contribution to EMU, and his longer-term legacy. Pöhl was sceptical of the idea of monetary union, and many (including Margaret Thatcher) thought that he would block the proposal; but in fact, he agreed to sign the Delors Report. Later, he was instrumental in designing the ECB statute, and in particular the emphasis on the price stability mandate. At the same time, he offered public criticism of the project of monetary union. The chapter offers an insight into the role of the Bundesbank staff as well as of the President of the Bundesbank Council in the making of monetary union.
