EMU an incomplete project? / Janusz Bilski, Ewa Feder-Sempach

The title of the monograph “EMU – an Incomplete Project?” can be interpreted in two ways. The first interpretation suggests that monetary integration should be complemented with fiscal and banking union and with the advancement of the political union. Such approach dominates currently in the literature as well as in the opinions presented by the eurozone authorities and by the governments of the major Member States. Institutional development and accelerated process of competence transfer from national to supranational level is supposed to remedy the crisis and make the eurozone mechanisms operate more effectively. The position is shared by some authors (e.g. M. Janicka). There is another group of authors who propose a different diagnosis of the crisis of monetary integration in Europe (e.g. J. Bilski). According to them, “EMU an Incomplete Project?” means intensive actions are needed to create more economic freedom, support competitiveness and deepen the EU common market. EMU should be based on the development of market mechanisms rather than on strong institutional links. The authors are of the opinion that the development of the common market in the eurozone has not progressed since the mid-1990s. The EU market is still fragmented, full of legal, administrative and political barriers, which involves the risk of increasing external imbalances in the eurozone countries. The work aims at evaluating the advancement of monetary integration in selected areas of the EMU and proposes directions for further development in the forthcoming years

Chapter ONE

The Start of EMU and the Euro

1.1. The emergence of international currency in Europe

Janusz Bilski

1.2. Establishing an economic and monetary union in the context

of the European economic integration

Maria Bijak-Kaszuba

Chapter TWO

Money Market and European Central Bank

2.1. Effects of Single Monetary Policy for Eurozone Member States

in the period 1999–2014 55

Dominika Brózda

2.2. Role of the European Central Bank in global crisis management 2007–2012 66

Joanna Bogołębska

2.3. Interest Rate Policy and Unconventional Monetary Policy Measures

of the European Central Bank in years 2007–2012 84

Ewa Stawasz

2.4. Foreign Exchange Interventions in European Exchange Rate Mechanism II

(ERM II)

Marcin Konarski

Chapter THREE

European Financial Market

3.1. Supervision on the EU Single Financial Market – attempt to reform

Małgorzata Janicka

6 Table of contents

3.2. Capital market in EU members states. Stock exchanges, MTF

and single stock exchange perspective 131

Ewa Feder-Sempach

3.3. Investment Funds Market in the Euro Area

Tomasz Miziołek

Chapter FOUR

Miscellanea 173

4.1. Regional and monetary integration and its importance

for foreign direct investment – lessons for Poland

Agnieszka Kłysik-Uryszek

4.2. The OCA theory and on new endogenous approach analysing

mutual trade links – selected aspects

Iwona Maciejczyk-Bujnowicz

4.3. Microeconomic Implications of the “Eurozone Project” – assessment

from the viewpoint of European transnational corporations

Magdalena Rosińska-Bukowska

List of figures

List of tables