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The Economic Case for Monetary Union in the European Union

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Author Info
Buiter, Willem H

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Abstract

Differential requirements for seigniorage provide a weak case for retaining monetary independence. As regards adjustment to asymmetric shocks, nominal exchange rate flexibility is at best a limited blessing and at worst a limited curse. Absence of significant fiscal redistribution mechanisms among EU members is not an obstacle to monetary union. Neither is limited international labour mobility. Convergence of real economic performance is irrelevant for monetary union. A common currency is the logical implication of unrestricted capital mobility. The Maastricht criteria need not hinder monetary union provided the political will exists to adopt a flexible interpretations of the fiscal criteria. Copyright 1997 by Blackwell Publishing Ltd.

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Publisher Info
Article provided by Blackwell Publishing in its journal Review of International Economics.

Volume (Year): 5 (1997)
Issue (Month): 4 (Supplement)
Pages: 10-35
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Handle: RePEc:bla:reviec:v:5:y:1997:i:4:p:10-35

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0965-7576

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  1. Buiter, Willem H, 1999. "The EMU and the NAMU: What is the Case for North American Monetary Union?," CEPR Discussion Papers 2181, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  2. W.H. Buiter, 2000. "Optimal Currency Areas: Why Does the Exchange Rate Regime Matter? (With an Application to UK Membership in EMU)," CEP Discussion Papers dp0462, Centre for Economic Performance, LSE. [Downloadable!]
  3. Willem Buiter, 2008. "Economic, Political, and Institutional Prerequisites for Monetary Union Among the Members of the Gulf Cooperation Council," Open Economies Review, Springer, vol. 19(5), pages 579-612, November. [Downloadable!] (restricted)
    Other versions:
  4. W.H. Buiter, 1999. "Alice in Euroland," CEP Discussion Papers dp0423, Centre for Economic Performance, LSE. [Downloadable!]
  5. Buiter, Willem H, 2000. "Monetary Misconceptions: New and Old Paradigmata and Other Sad Tales," CEPR Discussion Papers 2365, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  6. Buiter, Willem H, 2000. "Optimal Currency Areas: Why Does The Exchange Rate Regime Matter?," CEPR Discussion Papers 2366, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  7. Buiter, Willem H & Grafe, Clemens, 2002. "Anchor, Float or Abandon Ship: Exchange Rate Regimes for Accession Countries," CEPR Discussion Papers 3184, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  8. Martine Carre & Fabrice Collard, 2000. "Monetary Union: A Welfare Based Approach," Econometric Society World Congress 2000 Contributed Papers 0526, Econometric Society. [Downloadable!]
    Other versions:
  9. B. Gabriela Mundaca & Jon Strand, 2004. "A Risk Allocation Approach to Optimal Exchange Rate Policy," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
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This page was last updated on 2009-12-19.

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