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Un marché, une monnaie : un argument erroné ( post factum ) ?

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  • Daniel Gros

Abstract

Why should Europe opt for monetary union? ?One Market needs one Money!?: This is, at first sight, the key argument of the influential report of the European Commission entitled ?One Market, One Money?, published in 1990. Closer examination reveals a somewhat different picture, however. The extended subtitle is rather more agnostic: ?An evaluation of the potential benefits and costs of forming an economic and monetary union.? A closer inspection of the report reveals that the key argument was the other way round: one money would create one market. Unfortunately, the authors in 1990 did not recognise that ?one money? would foster huge cross-border financial flows that would one day lead to a very costly financial crisis. Classification JEL: F15, F36, F45, G28.

Suggested Citation

  • Daniel Gros, 2017. "Un marché, une monnaie : un argument erroné ( post factum ) ?," Revue d'économie financière, Association d'économie financière, vol. 0(1), pages 69-84.
    • Handle: RePEc:cai:refaef:ecofi_125_0069
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    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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