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This volume examines the future of European financial centres in the context of economic and monetary union (EMU). Based on original empirical research, it investigates the relative competitiveness of European financial centres, with special reference to London and Frankfurt, in the context of the single currency debate. Issues covered include: * the evolution of financial centres * optimal design of an international financial centre * financial services regulation and EMU * the competitiveness of world financial centres

European Monetary Union

United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Domestic and International Monetary Policy

Published: 1998

Total Pages: 160


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This book provides a comprehensive assessment of the causes and implications of the 1992-3 crisis of the exchange rate mechanism.
Following the Brexit vote, this book offers a timely historical assessment of the different ways that Britain’s economic future has been imagined and how British ideas have influenced global debates about market relationships over the past two centuries. The 2016 EU referendum hinged to a substantial degree on how competing visions of the UK should engage with foreign markets, which in turn were shaped by competing understandings of Britain’s economic past. The book considers the following inter-related questions: - What roles does economic imagination play in shaping people’s behaviour and how far can insights from behavioural economics be applied to historical issues of market selection? - How useful is the concept of the ‘official mind’ for explaining the development of market relationships? - What has been the relationship between expanding communications and the development of markets? - How and why have certain regions or groupings (e.g. the Commonwealth) been ‘unimagined’- losing their status as promising markets for the future?
This book examines the UK prime minister’s political leadership in the domestic executive. By offering a comparative study of the political leadership of James Callaghan, Margaret Thatcher, John Major and Tony Blair with regard to European monetary policy, it challenges the thesis that British prime ministers today have more power, resources and autonomy than their predecessors, giving them a greater capacity to act. Taking key European monetary policy decisions by the British government between 1976 and 2007 as empirical cases, the book assesses the extent to which the political leadership of each prime minister was affected by the cabinet, the parliamentary party as well as the media, and the extent to which he or she was able to manage these factors. It becomes clear from this analysis that prime ministerial predominance is not as frequent as suggested, while collective leadership does not represent a return to cabinet government. Moreover, particularly the party in government affects the prime minister’s leadership by shaping his or her options on appointments (and therefore the composition of the core executive), and through its behaviour in parliament, e.g. through rebellions or the threat of them.
Evidence taken before Sub-committee A (Economic and Financial Affairs and International Trade)