The Euro: It Happened, It's Not Reversible, Soâ€¦ Make It Work
AbstractRejoinder to the comments on: “It Can’t Happen, It’s a Bad Idea, It Won’t Last. U.S. Economists on the EMU and the Euro, 1989—2002.” In Jonung and Drea (2010) we surveyed the evolution of the views of U.S. economists on European monetary unification from the publication of the Delors Report in 1989 to the introduction of euro notes and coins in January 2002. Here we provide our response to the nine commentators to our paper. We stress that almost all of the commentators share our conclusion that the use of the theory of optimum currency area to evaluate the European plans for a monetary union was a major source of U.S. academic pessimism towards the single currency for it led economists to ignore the political dimension of the European integration process. We note that some of the U.S. economists who took part in the debate in the 1990s now are back commenting on the present challenges facing the euro. Link to January 2010 article “It Can’t Happen, It’s a Bad Idea, It Won’t Last. U.S. Economists on the EMU and the Euro, 1989—2002.”
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Bibliographic InfoArticle provided by Econ Journal Watch in its journal Econ Journal Watch.
Volume (Year): 7 (2010)
Issue (Month): 2 (May)
Euro; optimum currency area; European Central Bank (ECB); Economic and Monetary Union (EMU); monetary unification;
Find related papers by JEL classification:
- B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
- E - Macroeconomics and Monetary Economics
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
- F02 - International Economics - - General - - - International Economic Order; Noneconomic International Organizations;; Economic Integration and Globalization: General
- F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
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- C. Fred Bergsten, 2010. "I Was a Euro Enthusiast," Econ Journal Watch, Econ Journal Watch, vol. 7(1), pages 53-55, January.
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