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Why is Europe forming a monetary union?

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  • Gwen Eudey
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    Abstract

    On January 1, 1999, 11 European countries will officially become a monetary union with one currency, the euro. Forming a monetary union brings benefits, such as increased trade between countries. But it carries costs as well. To join the union, each country must cede its right to set individual monetary and exchange-rate policies. Yet each country’s economic situation may differ from that of its fellow union members. How will these countries--and the union--fare when economic shocks hit, especially shocks that affect one country or region more than another? In this article, Gwen Eudey weighs the benefits and costs of European monetary union and discusses some of the issues involved.

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    File URL: http://www.phil.frb.org/files/br/brnd98ge.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of Philadelphia in its journal Business Review.

    Volume (Year): (1998)
    Issue (Month): Nov ()
    Pages: 13-21

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    Handle: RePEc:fip:fedpbr:y:1998:i:nov:p:13-21

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    Related research

    Keywords: European currency unit ; European Monetary System (Organization);

    References

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    1. Sinn, Hans-Werner, 1996. "International Implications of German Unification," CEPR Discussion Papers 1508, C.E.P.R. Discussion Papers.
    2. Tamim Bayoumi and Barry Eichengreen., 1992. "Shocking Aspects of European Monetary Unification," Economics Working Papers 92-187, University of California at Berkeley.
    3. Maurice Obstfeld, 1997. "Europe's gamble," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 28(2), pages 241-317.
    4. Jimeno, Juan Francisco & Viñals, José, 1996. "Monetary Union and European Unemployment," CEPR Discussion Papers 1485, C.E.P.R. Discussion Papers.
    5. Eichengreen, Barry, 1993. "European Monetary Unification," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1321-57, September.
    6. Brian Cromwell, 1994. "California recession and recovery," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue apr29.
    7. Joseph A. Whitt, Jr., 1997. "Decision time for European Monetary Union," Economic Review, Federal Reserve Bank of Atlanta, issue Q 3, pages 20-33.
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    Cited by:
    1. Jeffrey M. Wrase, 1999. "The euro and the European Central Bank," Business Review, Federal Reserve Bank of Philadelphia, issue Nov, pages 3-14.

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