MONETARY INTEGRATION, FROM THEORY TO PRACTICE
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Authors:
• PhD student Laura-Cristina IVĂNESCU, Afiliation: National Bank of RomaniaPages:
• 43|54 -
Keywords: economic integration, monetray integration, European Central Bank, financial crisis, European Union, European System of Central Banks
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Abstract:
Started in the second half of the 19th century with the creation of the Latin Monetary Union (1865), the European integration has often outrun the economic theories, due to the visionary minds of its initiators that have placed the economic and monetary integration process, from the very beginning, on the track of the success. This is meant to be an overview of the main moments of the integration process, also from the perspective of the theoretical aspects, followed by an in-depth analysis of the structure and functioning mechanism of the present monetary pillar which is the European System of Central Banks. It will also analyse the evolution of the Community priorities, from the beginning till the present challenges put into light by the financial crisis i.e. the reinforcement of the European architecture through the expansion of the fiscal measures beyond the Pact’s present requirements and the strengthening of the macroeconomic governance.
