Lecture 21 - Spring 2010

Lecture 21 - Spring 2010 - Announcements PS#5 due...

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Announcements PS#5 due tomorrow @12:00noon, 106 Warren MAKE A COPY FOR YOUR OWN USE! Optional project paper due MONDAY NOON , MAY 10, 106 Warren Optional Review Session Tuesday, May 11, 7:00pm, 305 Ives Final exam, Friday, May 14, 2:00-4:30pm, Barton West Required reading see website for details Course evaluations on- line………. Please complete!! Pick up old problem sets in 106 Warren Prof. Lee office hours today 3:45-4:30pm. SEE WEBSITE FOR NEWS, UPDATES, SPECIAL OFFICE HOURS, etc.
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Major steps toward a single European currency Dissolution of Bretton Woods system in early 1970’s, which had fixed all currencies to U.S. dollar European Monetary System announced in 1979, with goal of moving toward greater monetary integration by: 1. Creating fixed but adjustable exchange rate system: currencies of each country allowed to fluctuate within a 2.25% (+/-) band of parity, jointly floating vs. the U.S. dollar 2. Established European Currency Unit (ECU) weighted average of member countries’ currencies. 3. European Monetary Cooperation Fund (EMCF) created to provide short- and medium-term BOP assistance to member countries.
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Major steps toward a single European currency Between 1979 and 1992, 11 currency realignments of the EMS; countries with high inflation (Italy, France) forced to devalue frequently Major weakness of EMS: currency bands maintained, but monetary, tax and other economic policies not integrated. Delors Committee (1989)
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This note was uploaded on 02/25/2011 for the course AEM 2300 taught by Professor Lee,d.r. during the Spring '06 term at Cornell.

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Lecture 21 - Spring 2010 - Announcements PS#5 due...

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