heise - emerging from the euro debt crisis (2013)

[...]... foreign-exchange operations and manages the official foreign-exchange reserves of the Member States First meeting of the "euro- 11" group Conversion rates between the euro and the currencies of the eleven Member States adopting the single currency are irrevocably fixed 26-May-98 1-Jun-98 4-Jun-98 31-Dec-98 2-Oct-97 3-May-98 The Member Countries sign the Treaty of Amsterdam, which completes the Treaty on European... on the third stage of EMU 1-Jan-95 15-Mar-98 Austria, Finland and Sweden join the European Union The Austrian Schilling joins the ERM 1-Jan-94 17-Nov-97 Procedure for the case of an excessive budgetary deficit in a Member State is adopted by the Economic and Financial Affairs Council The second stage of EMU starts, which also means the launch of the European Monetary Institute 22-Nov-93 Decision by the. .. Community Bremen European Council: Agreement on the broad lines of a European Monetary System (EMS), such as the participation of all currencies of the European Community and open to participation by other currencies, the European Currency Unit (ECU) as pillar of the system, rules at least as strict as the "snake" and the replacement of the EMCF with a European Monetary Fund 1-Jan-74 7-Jul-78 24-Sep-79 Establishment... the Netherlands Rome Treaties: Foundation of the "European Economic Community" (EEC) and the "European Atomic Energy Community" (Euratom) 18-Apr-51 A synopsis of events that led to the Euro 25-Mar-57 Date 6 2  The Path to European Monetary Union Black Wednesday: The British pound sterling withdraws from the ERM after it was unable to stay above the lower limit due to speculations against it 16-Sep-92... in 1992 17-Jun-97 30-Apr-98 The European Council in Amsterdam approves, among others the resolution on the Stability and Growth Pact, a resolution on growth and employment and on the establishment of an exchange-rate mechanism in the third stage of economic and monetary union (ERM2) 14-Nov-96 January 1 2002 is fixed as the date for the introduction of euro coins and banknotes The Dublin European Council... burden will the taxpayers take without intervening against M Heise, Emerging from the Euro Debt Crisis, DOI 10.1007/97 8-3 -6 4 2-3 752 7-9 _1, © Springer-Verlag Berlin Heidelberg 2013 1 2 1  Introduction: Managing Complexity European integration? Given this complexity, it is not surprising that the polarity of views is increasing and that the whole euro project has been called into question The crisis has... withdrawal from the ERM On the same day, Italy decided not to intervene anymore and left the ERM The crisis exposed the vulnerability of the ERM and later on resulted in the adoption of a new adjusted exchange-rate mechanism (ERM II) and the widening of intervention bands to 15 % During the second stage from 1994 to 1998, the European Monetary Institute (EMI) inherited the tasks from the former EMCF and the. .. Despite the boom, the 11 EMU countries failed to achieve a budget surplus in 2000, i.e to use the good years to reduce the debt burden which still amounted to 69 % of GDP, way above the Maastricht threshold of 60 % The collapse of the hightech stock market bubble in 2000 and the shock of 9/11 with the ensuing Afghanistan and Iraq wars then changed the situation The subseM Heise, Emerging from the Euro Debt. .. investment between the member countries increased as a consequence of the elimination of exchange rate risk and falling transaction and financing costs As an example, the stock of German foreign direct investment in the M Heise, Emerging from the Euro Debt Crisis, DOI 10.1007/97 8-3 -6 4 2-3 752 7-9 _4, © Springer-Verlag Berlin Heidelberg 2013 23 24 4  Economic Impact of the Euro Who Benefits? long-standing partner... (2008) Der Euro: Geburt—Erfolg—Zukunft C.H Beck, München James H (2012) Making the European monetary union Harvard University Press, Cambridge Marsh D (2009) Blood, gold and the euro: the politics of the new global currency Yale University Press, Yale 3 The Evolution of the Debt Crisis 77 The sovereign debt crisis in the eurozone is often seen as a direct consequence of the global financial crisis commencing . Emerging from the Euro Debt Crisis Michael Heise Emerging from the Euro Debt Crisis Making the Single Currency Work 1  C Closing Date: May 2013 ISBN 97 8-3 -6 4 2-3 752 6-2 ISBN 97 8-3 -6 4 2-3 752 7-9 . Wyplosz (2009) and European Union, EU (1995–2012). 2 The Path to European Monetary Union 5 M. Heise, Emerging from the Euro Debt Crisis, DOI 10.1007/97 8-3 -6 4 2-3 752 7-9 _2, © Springer-Verlag Berlin. 1992 17-Nov-97 January 1 2002 is fixed as the date for the introduction of euro coins and banknotes 15-Mar-98 The Greek drachma enters into the exchange-rate mechanism (ERM) of the EMS 30-Apr-98 The