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The Political Economy of the European Economic and Monetary Union: Political Sources of an Economic Liability

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  • Martin Feldstein

Abstract

EMU 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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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.11.4.23
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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 11 (1997)
Issue (Month): 4 (Fall)
Pages: 23-42

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Handle: RePEc:aea:jecper:v:11:y:1997:i:4:p:23-42

Note: DOI: 10.1257/jep.11.4.23
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  1. Dal Manzanarre al Reno: mobilità de che?
    by Alberto Bagnai in Goofynomics on 2012-05-07 07:55:00
  2. Più Europa (e meno Spagna). O no?
    by Alberto Bagnai in Goofynomics on 2012-05-11 20:28:00
  3. Più Europa (e meno Spagna). O no?
    by redazione in Appello al popolo on 2012-05-12 18:18:08
  4. Il modello tedesco e la notte dei cristalli
    by Alberto Bagnai in Goofynomics on 2013-05-09 16:32:00
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