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On The Feasibility Of A One-Speed Or Multispeed European Monetary Union

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  • ALBERTO ALESINA
  • VITTORIO GRILLI
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    Abstract

    This paper addresses two questions: (1) Is a twelve-country monetary union in Europe feasible? (2) Can monetary union be achieved at multispeed, i.e., with a small group of countries going first, and later admitting the others? After examining several politico-economic arguments concerning problems of feasibility of the union, we conclude with a fair amount of skepticism concerning the multispeed idea. We show that the final result of the process of monetary integration is dependent upon the number of countries that initiate it. Our discussion of feasibility sheds some light on the political economy of the recent (Fall 1992) turmoil in the monetary system of Europe. Copyright 1993 Blackwell Publishers Ltd..

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    Bibliographic Info

    Article provided by Wiley Blackwell in its journal Economics & Politics.

    Volume (Year): 5 (1993)
    Issue (Month): 2 (07)
    Pages: 145-165

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    Handle: RePEc:bla:ecopol:v:5:y:1993:i:2:p:145-165

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    Cited by:
    1. M. Mar㈠& M. Sarcinelli, 1994. "The European Union: how to assign the functions of government," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 47(191), pages 341-377.
    2. Carsten Hefeker, 2001. "Federal Monetary Policy," CESifo Working Paper Series 422, CESifo Group Munich.
    3. M. Mar㈠& M. Sarcinelli, 1994. "The European Union: how to assign the functions of government," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 47(191), pages 341-377.
    4. Barry Eichengreen, 2007. "The Breakup of the Euro Area," NBER Working Papers 13393, National Bureau of Economic Research, Inc.
    5. Francesco Menoncin & Marco Tronzano, 2005. "Is a Monetary Union a Never-Ending Story?," Revue économique, Presses de Sciences-Po, vol. 56(1), pages 25-49.
    6. Hughes Hallett, Andrew & Jensen, Svend E. Hougaard, 2001. "Currency unions and the incentive to reform: are market mechanisms enough?," The North American Journal of Economics and Finance, Elsevier, vol. 12(2), pages 139-155, July.
    7. Carsten Hefeker, 2003. "Structural Reforms and the Enlargement of Monetary Union," CESifo Working Paper Series 1057, CESifo Group Munich.
    8. Massimo Bordignon & Sandro Brusco, 2003. "On Enhanced Cooperation," CESifo Working Paper Series 996, CESifo Group Munich.

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