The paper casts the analysis of recent monetary developments in Europe and the future prospects for Economic and Monetary Union in historical perspective. The first part (the ‘past’) reconstructs the long march toward monetary union. The second part (the ‘present’) briefly introduces the monetary framework of the Eurosystem, arguing that at the very core of the current policy debate are the costs and benefits of ‘continuity’ between current and past policy strategies in Europe. The third part (the ‘future’) discusses whether the Economic and Monetary Union will be able to act as a catalyst for future financial and economic integration in Europe, notwithstanding the many asymmetries that characterize the current outlook.
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Article provided by Instituto de Economía. Pontificia Universidad Católica de Chile. in its journal Cuadernos de Economía.
Find related papers by JEL classification: E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit F3 - International Economics - - International Finance G2 - Financial Economics - - Financial Institutions and Services
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