MONETARY UNION AND THE ROLE OF THE MONETARY POLICY FROM THE POINT OF VIEW OF SELECTED THEORETICAL APPROACHES
MONETARY UNION AND THE ROLE OF THE MONETARY POLICY FROM THE POINT OF VIEW OF SELECTED THEORETICAL APPROACHES

Author(s): Rastislav Kotulic, Jaroslava Hečková, Alexandra Chapčáková
Subject(s): Economy, Supranational / Global Economy, Business Economy / Management
Published by: ASERS Publishing
Keywords: monetary union; monetary integration; euro
Summary/Abstract: The effective international monetary system is an important precondition to a successful fulfilment of international economic transactions. The existing development of international monetary systems indicates the need of one strong currency, at most a small number of national currencies to ensure international transactions. It has to be a currency (currencies) that would be based on a strong national economy, especially in the current period that is marked by the strengthening of the long duration of international economic transactions. The instability of the national currency that would take place of the international (world) currency is connected to depreciative as well as revaluation processes, which does not contribute to the development of the world economy. In the chapter we provide a brief overview of key milestones in the process of the European monetary integration. We also evaluate positive and negative aspects of this process in the view of selected theoretical approaches.

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