EU Relations with the IMF

Yeoh, Amber (2006): EU Relations with the IMF. Published in: Journal of Common Market Studies No. Special Edition (2006): pp. 220-229.

Abstract

The external representation of the euro, particularly within the International Monetary Fund (IMF), is certainly complex. It has been the subject of doctrinal and political positions since the Single Act recognized a monetary capacity for the European Community (EC); it is now gaining momentum, especially in view of the quota adjustment undertaken by the IMF. The issue goes far beyond the seemingly technical aspects of the euro area's integration into the IMF. It is, in fact, a central aspect of Europe's place in the new world order, characterized by the birth of a new equilibrium: the crisis of identity of a superpower, the rise in strength of so-called emerging countries, the de-legitimization of the G7 and the construction of a new Europe. This is the meaning of the title of a recent contribution by Lorenzo Bini Smaghi: Powerless Europe: Why is the Euro Area still a political Dwarf? That such an appeal, which is not an alibi, as sometimes happens to central bankers quick to blame politics, comes from a member of the Executive Board of the European Central Bank (ECB) says a lot about the lack of imagination and, therefore, the initiative of the political leaders. What is at stake is the European Union (EU) in general.

• Item Type: MPRA Paper
• Language: English
• Keywords: IMF, EMU
• Subjects: E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E58 - Central Banks and Their Policies

References

Bergsten, C. "A New Steering Committee for the World Economy?", in E. Truman, supra, 2003 pp. 279-314 (280-282).

Bini Smaghi, L. "IMF Governance and the Political Economy of a Consolidated European Seat", in Edwin Truman (ed.), 2002 p. 233.

Bruylant International Economic Institutions, 3rd ed., Brussels, 2001, p. 134.

Dalloz, International Economic Law, Accurate,1st ed., Paris, 2003, p. 533.

Dony, M. "External Relations of the Economic and Monetary Union", in The European Union and the World after Amsterdam, Editions of the University of Brussels, 1999, p. 241-256 (251).

Herrmann, C. "European Monetary Sovereignty over the Euro and External Relations of the Euro Area: Competences, Procedures and Practice", European Foreign Affairs Review, 2002, p. 1-24.

Kiekens, W. "What kind of representation for the IMF?" OENB, 2 June 2003 www.oenb.at 12. Ibid.

Kirrane, C. “The IMS and the Euro”. European Political Economy Review No. 1 (March 2003), pp. 153-65

Kirrane, C. “The Choice of Exchange Rate Regimes for EU Ascension Countries”. European Political Economy Review No. 2 (Autumn 2003), pp. 188-206

Lebullenger, J. "The external projection of the euro area", RTDE, 1998, p. 459

Louis, JV. “External Relations of the Economic and Monetary Union", in E. Cannizzaro (ed.), The European Union and an Actor in International Relations, Kluwer Law International, The Hague-London-New York, 2002 , p. 77-103.

Malatesta, A. and Ricci,C. "La relazioni esterne della Comunità europea in materia monetaria", diritto dell'union Europea, 2002, p. 229-263.

Martha, RST. "The Fund Agreement and the Surrounding of Monetary Sovereignty to the EC," CMLRev 1993, p. 749-786 (754-755).

Randall Henning, C. "Regional Arrangements and the IMF," Institute for International Economics, Special Report 19, April 2006, Edwin M. Truman (ed.), Washington, DC, p. 171 (174).

Smits, R. The European Central Bank. Institutional Aspects, Leiden, 1997, p. 443-444.

Steinike, B."Competencies of the European Community on International Monetary Fund Matters: An Overview of the Key Legal Issues," IMF. Current developments in Monetary and Financial Law, 2, Washington DC, 2003, p. 109-147 (114).

Torrent, R. "Whom is the ECB central bank of?Reaction to Zilioli and Selmayr ", CMLRev., 1999, p. 1229-1241 (1239-1240).

Truman, E. "Rearranging IMF Chairs and Shares: The Sine Qua Non of IMF Reform", op. cit., p. 201-255 (202 et seq.).

Trichet, JC. "Introduction" of the session "The single currency in the World", in ECB. The Eurosystem, the Union and Beyond, Frankfort / Main, 2005, p. 65 (66).