By Alfred Steinherr, Daniel Weiserbs
The papers during this e-book hide the big variety of Robert Triffin's services. for instance, Jacques Larosire translates the evolution of the foreign financial approach. Michel Aglietta severely appraises the overseas financial process and indicates the current process is one who doesn't constrain family coverage offerings. The desirability, scope and technique of coverage co-ordination are analyzed within the contributions via James Tobin, Robert Solomon, John Williamson, Alexandre Lamfalussy and Wolfgang Rieke. Tommaso Padoa-Schioppa discusses the potential paths to eu financial Union while Alfred Steinherr and Jacques Girard assessment the previous and destiny evolution of the eu. Paul De Grauwe offers empirical solutions to the hugely debated query no matter if the EMS is a DM-zone.
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Extra resources for Evolution of the International and Regional Monetary Systems: Essays in Honour of Robert Triffin
CO-ORDINATION I turn now to some presumed and some actual obstacles to policy coordination. It is sometimes said that nations are not prepared to give up any of their sovereignty to a process of co-operative policymaking. This presumed objection to co-ordination ignores the fact that interdependence has already undermined sovereignty in the sense that policymakers do not have full control over what happens to their economies. It is true that they still wield their policy instruments. But the domestic impact of those instruments is blunted, since a significant part of their impact leaks abroad.
But each nation must decide for itself how to deal with these trade-offs. There is nothing in the coordination process that requires countries to abandon their policy goals. Another aspect of gains from co-ordination should be mentioned. That is the free rider problem, where countries may attempt, deliberately or otherwise, to achieve their targets by benefiting from the policy actions of other countries. For example, in a situation where all countries were falling short of their growth targets, most of them might adopt more expansionary fiscal and monetary policies.
Or, if they do agree, they are likely to make mistakes. It has been pointed out that if policymakers are aware of their own uncertainty about the 'true model', gains from co-ordination are still possible. While this obstacle should be recognised, it should not be exaggerated. After all, analytical differences exist within countries. Moreover, the very process of international consultations about policies should narrow those analytical differences that exist. CONCLUSIONS I would like to conclude by saying that, although valid obstacles should be recognised, the co-ordination process that was started at the Tokyo Economic Summit meeting in 1986 deserves to be 34 International Policy Co-ordination encouraged.