scholarly journals Equilibrium Exchange Rates in the Eu New Members: Methodology, Estimation and Applicability to ERM II

2007 ◽  
Vol 16 (1) ◽  
pp. 24-37 ◽  
Author(s):  
Roman Horváth ◽  
Luboš Komárek
Keyword(s):  
Exchange Rates ◽  
New Members ◽  
Equilibrium Exchange ◽  
The Eu

Ever Looser Union?

2020 ◽  
Author(s):  
Frank Schimmelfennig ◽  
Thomas Winzen
Keyword(s):  
Self Determination ◽  
The European Union ◽  
Core State ◽  
Member States ◽  
New Members ◽  
Treaty Negotiations ◽  
Differentiated Integration ◽  
Economic Preferences ◽  
New Policies ◽  
The Eu

Differentiated integration is a durable feature of the European Union and a major alternative for its future development and reform. This book provides a comprehensive conceptual, theoretical and empirical analysis of differentiation in European integration. It explains differentiation in EU treaties and legislation in general and offers specific accounts of differentiation in the recent enlargements of the EU, the Euro crisis, the Brexit negotiations and the integration of non-member states. Differentiated integration is a legal instrument that European governments use regularly to overcome integration deadlock in EU treaty negotiations and legislation. Instrumental differentiation adjusts integration to the heterogeneity of economic preferences and capacities, particularly in the context of enlargement. By contrast, constitutional differentiation accommodates concerns about national self-determination. Whereas instrumental differentiation mainly affects poorer (new) member states, constitutional differentiation offers wealthier and nationally oriented member states opt-outs from the integration of core state powers. The book shows that differentiated integration has facilitated the integration of new policies, new members and even non-members. It has been mainly ‘multi-speed’ and inclusive. Most differentiations end after a few years and do not discriminate against member states permanently. Yet differentiation is less suitable for reforming established policies, managing disintegration, and fostering solidarity, and the path-dependency of core state power integration may lead to permanent divides in the Union.

FEERs and the ERM∗

1991 ◽  
Vol 137 ◽  
pp. 45-50 ◽  
Author(s):  
John Williamson
Keyword(s):  
Exchange Rates ◽  
Final Section ◽  
Policy Implications ◽  
The Other ◽  
Equilibrium Exchange ◽  
The Right

A number of economists, including the author, were critical of the central rate that was chosen when sterling entered the ERM in October 1990, on the ground that it overvalued the pound. Specifically, the central rate against the other ERM currencies implied a higher value for the pound than that yielded by calculations of ‘fundamental equilibrium exchange rates’ (FEERs).The present paper aims to explain the concept of the FEER, introduced by the author in Williamson (1983), and argues that it provides the right criterion for assessing whether a currency is correctly valued. It also sketches the evidence for believing the pound's ERM central rate to be above the FEER. A final section considers the policy implications of the finding that sterling is overvalued.

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