European Monetary Unification: A Tour d'Horizon
AbstractThis article takes stock of the literature and debate over European monetary unification. In contrast to other papers, where it is argued that the issues and prospects remain shrouded in uncertainty, I argue that in a number of important areas, a reasonable degree of consensus now exists, as the result of a decade of scholarship. The subsequent stock-taking concentrates on areas where significant questions remain, starting with the implications of surrendering the exchange rate and an independent national monetary policy as instruments of adjustment; the conduct of fiscal policy under the Excessive Deficit Procedure and the Stability Pact; and how quickly the European union is likely to develop an EU-wide system of fiscal federalism to accompany its monetary union. Turning from fiscal to monetary issues, I ask whether the European Central Bank (ECB) will be as inflation averse as the Bundesbank, what exchange-rate policy the ECB will pursue, and whether the euro will be a leading reserve currency. I conclude with what may be the most contentious issue of all, namely whether Europe's monetary union could collapse after it begins. Copyright 1998 by Oxford University Press.
Download InfoTo our knowledge, this item is not available for download. To find whether it is available, there are three options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page whether it is in fact available.
3. Perform a search for a similarly titled item that would be available.
Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Review of Economic Policy.
Volume (Year): 14 (1998)
Issue (Month): 3 (Autumn)
Contact details of provider:
Web page: http://oxrep.oupjournals.org/
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Eckhard Hein & Achim Truger, 2004.
"Macroeconomic co-ordination as an economic policy concept - opportunities and obstacles in the EMU,"
- Truger, Achim & Hein, Eckhard, 2004. "Macroeconomic co-ordination as an economic policy concept : opportunities and obstacles in the EMU," WSI Discussion Papers 125, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
- Eckhard Hein & Achim Truger, 2004. "Macroeconomic co-ordination as an economic policy concept – opportunities and obstacles in the EMU," Macroeconomics 0412007, EconWPA.
- Giovanni Arese-Visconti, 2002. "Labor-Cost Effects on Relative Prices between Regions of a Monetary Union: Implications for the EMU," Econometrics Working Papers Archive wp2002_20, Universita' degli Studi di Firenze, Dipartimento di Statistica, Informatica, Applicazioni "G. Parenti".
- Calmfors, Lars, 2001. "Wages and wage-bargaining institutions in the EMU – a survey of the issues," Seminar Papers 690, Stockholm University, Institute for International Economic Studies.
- Jan Fidrmuc, 2002.
"Migration and regional adjustment to asymmetric shocks in transition economies,"
CPB Discussion Paper
7, CPB Netherlands Bureau for Economic Policy Analysis.
- Fidrmuc, Jan, 2004. "Migration and regional adjustment to asymmetric shocks in transition economies," Journal of Comparative Economics, Elsevier, vol. 32(2), pages 230-247, June.
- Fidrmuc, Jan, 2003. "Migration and Regional Adjustment to Asymmetric Shocks in Transition Economies," CEPR Discussion Papers 3798, C.E.P.R. Discussion Papers.
- Lars Calmfors, 2001. "Wages and Wage-Bargaining Institutions in the EMU â€“ A Survey of the Issues," Empirica, Springer, vol. 28(4), pages 325-351, December.
- Kool,C.J.M. & Lammertsma,A., 1997.
"The Phillips Curve, the Persistence of Inflation, and the Lucas Critique:Evidence from Exchange-Rate Regimes: Comment,"
020, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization.
- Alex Lammertsma & Clemens J. M. Kool, 2000. "The Phillips Curve, the Persistence of Inflation, and the Lucas Critique: Evidence from Exchange-Rate Regimes: Comment," American Economic Review, American Economic Association, vol. 90(1), pages 312-315, March.
- Jochen Michaelis & Michael Pflüger, 2002. "Euroland: Besser als befürchtet, aber schlechter als erhofft?," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 71(3), pages 296-311.
- Eckhard Hein & Achim Truger, 2006. "Fiscal Policy and Macroeconomic Performance in the Euro area - Lessons for the Future," IMK Working Paper 07-2006, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
- Jan Fidrmuc, 2002. "Migration and Regional Adjustment and Asymmetric Shocks in Transition Economies," William Davidson Institute Working Papers Series 441, William Davidson Institute at the University of Michigan.
- S. Sgherri, 2000. "When is labour market flexibility welcome? More on asymmetric policy impacts in Europe," WO Research Memoranda (discontinued) 619, Netherlands Central Bank, Research Department.
- Björkstén, Nils & Syrjänen, Miika, 1999. "Divergences in the Euro Area: a Cause for Concern?," Research Discussion Papers 11/1999, Bank of Finland.
- Hein, Eckhard & Truger, Achim, 2002.
"European Monetary Union: Nominal convergence, real divergence and slow growth? An investigation into the effects of changing macroeconomic policy institutions associated with monetary union,"
WSI Discussion Papers
107, Wirtschafts- und Sozialwissenschaftliches Institut (WSI), Hans-Böckler-Stiftung.
- Eckhard Hein & Achim Truger, 2005. "European Monetary Union: Nominal Convergence, Real Divergence and Slow Growth? An investigation into the effects of changing macroeconomic policy institutions associated with monetary union," Macroeconomics 0501011, EconWPA.
- Fidrmuc, Jan, 2001. "Migration and adjustment to shocks in transition economies," ZEI Working Papers B 23-2001, ZEI - Center for European Integration Studies, University of Bonn.
- Huber, Peter, 2004. "Inter-regional mobility in the accession countries : a comparison with EU15 member states," Zeitschrift für ArbeitsmarktForschung - Journal for Labour Market Research, Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany], vol. 37(4), pages 393-408.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.