The Political Economy of the European Economic and Monetary Union: Political Sources of an Economic Liability
AbstractEMU would be an economic liability. A single currency would cause, at most, small trade and investment gains but would raise average cyclical unemployment and possibly raise inflation, perpetuate structural unemployment, and increase the risk of protectionism. EMU is nevertheless being pursued in order to create a political union. Fundamental disagreements among member states about economic policies, foreign and military policies, and the sharing of political power are likely to create future intra-European conflicts. A United Europe would be a formidable participant in the twenty-first century's global balance of power, with uncertain consequences for world stability and peace.
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Bibliographic InfoArticle provided by American Economic Association in its journal Journal of Economic Perspectives.
Volume (Year): 11 (1997)
Issue (Month): 4 (Fall)
Other versions of this item:
- Martin Feldstein, 1998. "The Political Economy of the European Economic and Monetary Union: Political Sources of an Economic Liability," NBER Working Papers 6150, National Bureau of Economic Research, Inc.
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
- F15 - International Economics - - Trade - - - Economic Integration
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
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- Il modello tedesco e la notte dei cristalli
by Alberto Bagnai in Goofynomics on 2013-05-09 16:32:00
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