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EMU and Enlargement

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Author Info

  • Barry Eichengreen

    (University of California - Berkeley)

  • Fabio Ghironi

    ()
    (Boston College)

Abstract

We speculate about how Europe's monetary union will evolve in the next five to ten years. We concentrate on what is likely to be the most important change in that period, namely, the increased number and heterogeneity of the participating states. New members will be sharply different from the incumbents in terms of their per capita incomes and economic structures. We concentrate on the implications of this development for the structure, organization and operation of the monetary union. We focus on the implications for the conduct of monetary policy of voting and representation rules on the ECB Board on the grounds that these will have to change with the accession of additional members. We focus on prudential supervision and lending in the last resort on the grounds that the inclusion of countries with recently-created and still-developing financial systems will be among the most prominent consequences of EMU enlargement. We focus on the coordination of fiscal policies on the grounds that the fiscal positions and problems of the accession economies will differ from those of the incumbents. And we focus on labor market flexibility on the grounds that labor-market effects will be among the leading consequences of the admission of new members.

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Bibliographic Info

Paper provided by Boston College Department of Economics in its series Boston College Working Papers in Economics with number 481.

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Length: 53 pages
Date of creation: 02 Nov 2000
Date of revision: 01 May 2001
Handle: RePEc:boc:bocoec:481

Note: This paper was previously circulated as "The Future of EMU" and "EMU in 2010: Heterogeneity, Institutions, and Fiscal Policy".
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References

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  1. Michael J. Artis & Marco Buti, 2000. "'Close-to-Balance or in Surplus': A Policy-Maker's Guide to the Implementation of the Stability and Growth Pact," Journal of Common Market Studies, Wiley Blackwell, vol. 38(4), pages 563-591, November.
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Citations

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Cited by:
  1. Agnès Bénassy-Quéré & Edouard Turkisch, 2005. "ECB Governance in an Enlarged Eurozone," Working Papers 2005-20, CEPII research center.
  2. Dmitri Boreiko, 2003. "EMU and accession countries: Fuzzy cluster analysis of membership," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 8(4), pages 309-325.
  3. repec:onb:oenbwp:y::i:71:b:1 is not listed on IDEAS
  4. Dmitri Boreiko, 2002. "EMU and Accession Countries: Fuzzy Cluster Analysis of Membership," Working Papers Central Bank of Chile 189, Central Bank of Chile.
  5. Dimitri Boreiko, 2002. "EMU and Accession Countries: Fuzzy Cluster Analysis of Membership," Working Papers 71, Oesterreichische Nationalbank (Austrian Central Bank).
  6. Philipp Maier & Maarten Hendrikx, 2002. "Implications of EMU Enlargement for European Monetary Policy: A Political Economy View," MEB Series (discontinued) 2002-4, Netherlands Central Bank, Monetary and Economic Policy Department.
  7. Helge Berger & Jakob de Haan & Robert Inklaar, 2003. "Restructuring the ECB," CESifo Working Paper Series 1084, CESifo Group Munich.
  8. Irena Radović, 2009. "Challenges for Monetary Policy in the Enlarged European Monetary Union," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 56(1), pages 95-110, March.
  9. Wojciech Paczynski, 2003. "ECB Decision-making and the Status of the Eurogroup in an Enlarged EMU," CASE Network Studies and Analyses 0262, CASE-Center for Social and Economic Research.

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