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Monetary and Financial Thinking in Europe Evidence from Four Decades of Suerf

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Monetary and Financial Thinking in Europe Evidence from Four Decades of Suerf MONETARY AND FINANCIAL THINKING IN EUROPE EVIDENCE FROM FOUR DECADES OF SUERF By Jean-Paul Abraham Introduction by David T. Llewellyn SUERF – The European Money and Finance Forum Vienna 2003 CIP Monetaryand Financial Thinking in Europe – Evidence from Four Decades of SUERF by Jean-Paul Abraham Vienna: SUERF (SUERF Studies: 2003/3) ISBN 3-902109-17-3 Keywords: Economic History, Monetary Policy, Financial Stability, Central Banking, International Monetary System, International Monetary Arrangements, European Monetary Integration, Financial Institutions and Services. JEL Classification Numbers: E42, E44, E52, E58, F33, F34, F36, G10, G20, G21, N14, N24 © 2003 SUERF, Vienna Copyright reserved. Subject to the exception provided for by law, no part of this publication may be reproduced and/or published in print, by photocopying, on microfilm or in any other way without the written consent of the copyright holder(s); the same applies to whole or partial adaptations. The publisher retains the sole right to collect from third parties fees payable in respect of copying and/or take legal or other action for this purpose. TABLE OF CONTENTS Introduction (D.T. Llewellyn) 5 A Short Reader’s Manual 90 Part 1: A Survey of SUERF Colloquia Publications 1969-2003 (J-P. Abraham) 11 Section 1: An Overall Presentation 13 Section 2: Major Events, Dominant Themes and Outstanding Contributions in Five Distinct Periods 19 Period I: 1969- early 1974: The Demise of the Bretton Woods International Monetary System 19 Period II: Late 1974- early 1979: the Aftermath of Oil Shocks and Bank Failures 21 Period III: The Eighties: Disinflation, Exchange Rate Stabilisation, ‘Marketisation’ of Banking and Finance 24 Period IV: The Nineties: The Dominance of (unstable) Markets. The New Europe after Berlin and Maastricht. The strenuous but successful Road to EMU 28 Period V: 2000-2003: Adjusting West, Converging East? 37 Section 3: Constants and Change Through Four Decades 51 Constants 51 Change 54 References 67 Part 2: An Anthology of SUERF Colloquia Publications 1969-2003 (J-P. Abraham) 69 SUERF Colloquia and Colloquia Publications 1969-2003 in Figures and Locations 71 Colloquium 1: The Future of the International Monetary System 73 Colloquium 2: Monetary Policy and New Developments in Banking 75 Colloquium 3: Aspects of European Monetary Union 77 Colloquium 4: Multinational Enterprises – Financial and Monetary Aspects 83 Colloquium 5: Floating Exchange Rates – The Lessons of Recent Experience 85 Colloquium 6: The Development of Financial Institutions in Europe 1956-1976 89 Colloquium 7: New Approaches in Monetary Policy 93 Colloquium 8: Europe and the Dollar in the World-Wide Disequilibrium 99 Colloquium 9: Bank Management in a Changing Domestic and International Environment 105 Colloquium 10: International Lending in a Fragile World Economy 111 Colloquium 11: Government Policies and the Working of Financial Systems in Industrialized Countries 117 Colloquium 12: Shifting Frontiers in Financial Markets 123 Colloquium 13: International Monetary and Financial Integration – The European Dimension 129 Colloquium 14: The International Adjustment Process – New Perspectives, Recent Experience and Future Challenges for the Financial System 137 Colloquium 15: Financial Institutions in Europe Under New Competitive Conditions 145 Colloquium 16: Fiscal Policy, Taxation and the Financial System in an Increasingly Integrated Europe 151 Colloquium 17: The New Europe – Evolving Economic and Financial Systems in East and West 159 Colloquium 18: The Competitiveness of Financial Institutions and Centres in Europe 167 Colloquium 19: Risk Management in Volatile Financial Markets 177 Colloquium 20: Corporate Governance, Financial Markets and Global Convergence 187 Colloquium 21: The Euro – A Challenge and Opportunity for Financial Markets 197 Colloquium 22: Adapting to Financial Globalisation 207 Colloquium 23: Technology and Finance Challenges for Financial Markets, Business Strategies and Policy Makers 217 Colloquium 24: Stability and Efficiency of Financial Markets in Central and Eastern Europe 233 SUERF – Société Universitaire Européenne de Recherches Financières 245 SUERF STUDIES 246 5 INTRODUCTION by David T Llewellyn, SUERF President With great foresight, SUERF was founded in 1963 by Professor Pierre Tabatoni (University of Paris) and Jacques Branger (Director General of the Caisse Nationale des Marchés de l’État – CNME). It was founded as a Europe-wide forum with the aim of bringing together professionals from banks and other financial institutions, and from academia, allowing academics and practitioners the opportunity to exchange their views and to interact on common areas of interest. In 1969, central bankers joined to form a third “pillar”, being on the one hand a natural enlargement, and on the other hand securing SUERF a sounder financial footing. From the outset it was judged that, through the unique perspectives that the main constituents of SUERF represent, it has the capacity to make significant contributions to research, scholarship and understanding of key issues in public debate about monetary and financial policy, and trends in banking and financial markets in Europe. This was, and remains, the central mission of SUERF. The Mission is to offer a forum for high-quality and informed analyses of key issues in European money and finance. To mark the 40th anniversary, the Council of Management judged that it would be appropriate and valuable to commission a special anniversary volume. SUERF is a dynamic and evolving institution and has changed markedly over the years, including its name which has recently been modified to SUERF: The European Money and Finance Forum. However, the Council decided that it did not want a self-indulgent history of SUERF itself but rather a reflective view of evolving monetary and financial thought as seen through the choice of topics in SUERF Colloquia and the papers presented and published in its Colloquia volumes. The Council was all too well aware that, given that there have been 24 Colloquia and 22 Colloquia volumes containing 462 individual contributions by close on 500 distinguished authors covering over 8000 pages, this would be a formidable task. Without any hesitation, it was unanimously decided that Jean-Paul Abraham would be the ideal person to undertake this project. Professor Abraham was, in many respects, eminently qualified to undertake 6 Introduction the venture and the Council was very pleased that he willingly agreed. Jean-Paul has been a constant in the evolving history of SUERF. He is a distinguished academic and, in his illustrious career, has also been a distinguished European banker. He has therefore represented two of the three main constituents of SUERF. His eminence to undertake the task is also highlighted by the fact that he was a founding member and also a distinguished past-President of SUERF in the period 1994-1997. Over and above that, his dedication to, and support of, SUERF has been exemplary and unsurpassed. On behalf of the Council of Management, and all members of SUERF, I should like to record deep gratitude to Jean-Paul for undertaking this Herculean task for everyone who has an interest in SUERF and what it stands for. He has produced a fascinating survey. In the process, he has made a formidable contribution which I am confident will be of interest and value to financial practitioners and academics who have an interest in the evolution of monetary thought and practice, and the development of financial institutions and markets. It could not have been done better. We owe Jean-Paul a great deal for what he has produced and the insights he offers in this volume. The following pages relate solely to SUERF Colloquia and do not include other contributions of SUERF through, for instance, its seminars, annual SUERF lectures, SUERF Studies and other publications. SUERF Colloquia (which take place over a period of two and a half days) follow a common format: a series of Keynote Lectures given by distinguished academics and practitioners (including very many Governors of Central Banks), papers presented in three parallel Commissions, and the Marjolin Lecture. In the words of Professor Abraham below: “...the contribution of the Colloquia has been to offer a forum for spreading the information and confronting the views of high-level policy makers with the findings of the research done not only in academia, but also in the research departments of various institutions”. The organisation of the Colloquia present demanding challenges and, on behalf of the Council of Management, I would like to take this opportunity of thanking all those who, over the years, have unstintingly contributed so much behind the scenes to making SUERF Colloquia so very successful. I cannot recall any other association in Europe that, over a period of 40 years, has maintained such a high and continuous standard of informed analysis of European monetary and financial issues. This is surely testimony to the enduring strength and value of SUERF. The constant and powerful support of central banks, financial institutions, and academics demonstrates that SUERF Introduction 7 clearly “adds value”. That is what we strive to do. It is gratifying that the support of the constituents demonstrates its enduring value. SUERF is, above all, a “member organisation” which relies on the support and enthusiasm of its members. This support has never failed. The past forty years have witnessed substantial changes in all aspects of European and international
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