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European Monetary Union: Recent evolution and perspectives

Author

Listed:
  • Ricardo da Costa Nunes
  • Selene Peres Peres Nunes

Abstract

This paper discusses the uniqueness and the stability of the proposed modelfor the European Monetary Union – EMU, pointing out some of the difficulties faced in itsimplementation and the chances of surpassing them. It also suggests how all the points ofEuropean monetary integration – central bank independence, balanced budget and stabilityof the exchange rate within a certain band of fluctuation – are sustained upon the propositionthat economy founds auto-adjustment since there is flexibility of wages and pricesand the State’s intervention remains as short as possible. Thus, the need of convergence ofeconomic and financial EMU’s criterion and the sufficiency of its achievement to a greaterdevelopment of Europe in face of other countries bring the discussion back to the theoreticalparadigm. JEL Classification: F45; F42; F33.

Suggested Citation

  • Ricardo da Costa Nunes & Selene Peres Peres Nunes, 2000. "European Monetary Union: Recent evolution and perspectives," Brazilian Journal of Political Economy, Center of Political Economy, vol. 20(1), pages 52-74.
    • Handle: RePEc:ekm:repojs:v:20:y:2000:i:1:p:52-74:id:1015
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    More about this item

    Keywords

    European Union; monetary union; economic integration; Euro;
    All these keywords.

    JEL classification:

    • F45 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Macroeconomic Issues of Monetary Unions
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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