The member states are facing the choice between either reaping the benefits of increasing integration in a certain area - in this case the capital markets - attended by a significant reduction in national powers of automous decision-making and independence, or retaining this national independence enabling them to pursue their own policy objectives with the aid of instruments selected at their discretion. To this question, there is generally valid answer. The solution is determined by the weight assigned to the benefits, on the one hand, and that assigned to the reduction in national sovereignty, on the other. This, however, is a subjective matter, which is assessed differently in the various countries. OnRuding, 1969 1. 1 CAPITAL LffiERALIZATION AND MONETARY UNIFICATION In the 1980s Europe made a leap forward towards the liberalization of capital movements. EEC directives were accepted by all member states obliging them to abolish all remaining exchange controls. This common objective of freedom of capital movements has been consolidated in the Treaty on European Union. Nowadays virtually all restrictions have been lifted. This stands in striking contrast to the state of affairs only a decade ago, when many countries still operated a tight regime. Although the Treaty of Rome provided for the freedom of capital movements, this objective was circumscribed by the clause that such liberalization should only be carried through to the extent necessary to ensure the proper functioning of the Common Market.
Product Identifiers
Publisher
Springer
ISBN-10
9401040591
ISBN-13
9789401040594
eBay Product ID (ePID)
148698795
Product Key Features
Author
Age F. P. Bakker
Format
Paperback
Language
English
Subject
International Law: Professional
Type
Textbook
Dimensions
Weight
568g
Height
240mm
Width
160mm
Additional Product Features
Place of Publication
Dordrecht
Spine
19mm
Series Part/Volume Number
29
Series Title
Financial and Monetary Policy Studies
Content Note
30 Black & White Tables, Biography
Date of Publication
05/11/2012
Edition Statement
Softcover Reprint of the Original 1st Ed. 1996
Genre
International Law: Professional
Country of Publication
Netherlands
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