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CONTENTS
List of Abbreviations….........................................……....................5
Introduction……………………………………………………….…6
Chapter 1. ORIGINS OF THE EUROPEAN MONETARY UNION……………………………………………………………....…7
1.1. Early Stages of Monetary Cooperation…………..….....7
1.2. Werner Plan…………………………………………........8
1.3. European Monetary System………………………..……9
1.4. Towards the European Monetary Union. Stage 1……..10
1.5. Towards the European Monetary Union. Stage 2……..11
1.6. Towards the European Monetary Union. Stage 3…......13
1.7. Introduction of Cash Euro…………………………...…..14
Chapter 2. EFFECTS OF EURO INTRODUCTION………..……18
2.1. Effects of Euro Introduction in 1999-2001………..….....18
2.2. Short-term Effects of Cash Euro Introduction …….....…19
2.3. Long-term Effects of Euro Introduction……………....….21
2.4. Enlargement of the Euro Area……………………..….…24
2.5. Effects Outside the European Union……………..…...…28
Chapter 3. EUROPEAN SYSTEM OF CENTRAL BANKS..........34
3.1. Legal Status and Financial Resources of the ESCB......34
3.2. Objective and Principles…………………………….....…37
3.3. Functions………………………………………….……….39
3.4. Structure…………………………………………….…..…44
3.5. Interaction with Other Institutions…………………..…..…52
Chapter 4. MONETARY POLICY IMPLEMENTATION….........…. 58
4.1. Analytical Background…………………………………....58
4.2. Foreign Exchange Operations…………….....………….59
4.3. Open Market Operations……………………………..….61
4.4. Standing Facilities………………………………….…… 64
4.5. Minimum Reserve Requirements…………….……...…..65
4.6. Procedural Aspects………………………………..….….66
4.7. Capital Controls……………………………………..……70
4.8. Transmission Mechanism of Monetary Policy……....….71
Chapter 5. EXCHANGE RATE AND MONETARY POLICY
DEVELOPMENTS UNDER THE EUROPEAN MONETARY UNION……………………………………………………………....…76
5.1. Factors of the Exchange Rate of the Euro ......................76
5.2. Monetary Policy in 1999-2003……………………….….76
5.3. Monetary Policy in 2004 – early 2007…………………..81
5.4. Response to the Financial Instability in 2007-2009...….84
References………………………………………...……………….....87