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European Monetary Unification: A Tour d'Horizon

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  • Eichengreen, Barry

Abstract

This 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.

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Bibliographic Info

Article provided by Oxford University Press in its journal Oxford Review of Economic Policy.

Volume (Year): 14 (1998)
Issue (Month): 3 (Autumn)
Pages: 24-40

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Handle: RePEc:oup:oxford:v:14:y:1998:i:3:p:24-40

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Cited by:
  1. 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.
  2. 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.
  3. Jan Fidrmuc, 2002. "Migration and regional adjustment to asymmetric shocks in transition economies," CPB Discussion Paper 7, CPB Netherlands Bureau for Economic Policy Analysis.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. repec:iab:iabzaf:v:37:i:4:p:393-408 is not listed on IDEAS
  10. Björkstén, Nils & Syrjänen, Miika, 1999. "Divergences in the Euro Area: a Cause for Concern?," Research Discussion Papers 11/1999, Bank of Finland.
  11. Diana Kasparova, Michael White, 2001. "The Responsiveness Of House Prices To Macroeconomic Forces: A Cross-Countr Y Comparison," European Journal of Housing Policy, Taylor and Francis Journals, vol. 1(3), pages 385-416, December.
  12. 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.
  13. Eckhard Hein & Achim Truger, 2004. "Macroeconomic co-ordination as an economic policy concept – opportunities and obstacles in the EMU," Macroeconomics 0412007, EconWPA.
  14. 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.
  15. 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".
  16. Lars Calmfors, 2001. "Wages and Wage-Bargaining Institutions in the EMU – A Survey of the Issues," Empirica, Springer, vol. 28(4), pages 325-351, December.

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