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Lessons of the Euro for the Rest of the World

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  • Eichengreen, Barry

Abstract

Europe’s single currency is widely invoked as a potential solution to the monetary and exchange rate problems of other regions, including Asia, Latin America, North America and even Africa. This lecture asks whether the Europe’s experience in creating the euro is exportable. It argues that the single currency is the result of a larger integrationist project that has political as well as economic dimensions. The appetite for political integration being less in other parts of the world, the euro will not be easily emulated. Other regions will have to find different means of addressing the tension between domestic monetary autonomy and regional integration. Harmonized inflation targeting may be the best available solution.

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Bibliographic Info

Paper provided by Institute of European Studies, UC Berkeley in its series Institute of European Studies, Working Paper Series with number qt16g425jb.

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Date of creation: 01 Dec 2002
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Handle: RePEc:cdl:bineur:qt16g425jb

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Keywords: comparative; economy; euro; finance; Institute of European studies; international; PEIF;

References

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  1. Baer, Werner & Cavalcanti, Tiago & Silva, Peri, 2002. "Economic integration without policy coordination: the case of Mercosur," Emerging Markets Review, Elsevier, Elsevier, vol. 3(3), pages 269-291, September.
  2. Junichi Goto & Koichi Hamada, 1994. "Economic Preconditions for Asian Regional Integration," NBER Chapters, in: Macroeconomic Linkage: Savings, Exchange Rates, and Capital Flows, NBER-EASE Volume 3, pages 359-388 National Bureau of Economic Research, Inc.
  3. Robert H. Porter & J. Douglas Zona, 1997. "Ohio School Milk Markets: An Analysis of Bidding," NBER Working Papers 6037, National Bureau of Economic Research, Inc.
  4. Takatoshi Ito & Eiji Ogawa & Yuri Nagataki Sasaki, 1999. "How Did the Dollar Peg Fail in Asia?," NBER Working Papers 6729, National Bureau of Economic Research, Inc.
  5. Afonso S. Bevilaqua, 1997. "Macroeconomic coordination and commercial integration in MERCOSUR," Textos para discussão, Department of Economics PUC-Rio (Brazil) 378, Department of Economics PUC-Rio (Brazil).
  6. Buiter, Willem H, 1999. "The EMU and the NAMU: What is the Case for North American Monetary Union?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2181, C.E.P.R. Discussion Papers.
  7. Kawai, Masahiro & Akiyama, Shigeru, 2000. "Implications of the currency crisis for exchange rate arrangements in emerging East Asia," Policy Research Working Paper Series 2502, The World Bank.
  8. Frederic S. Mishkin & Klaus Schmidt-Hebbel, 2001. "One decade of inflation targeting in the world : What do we know and what do we need to know?," Working Papers Central Bank of Chile, Central Bank of Chile 101, Central Bank of Chile.
  9. Kawai, Masahiro & Takagi, Shinji, 2000. "Proposed strategy for a regional exchange rate arrangement in post-crisis East Asia," Policy Research Working Paper Series 2503, The World Bank.
  10. Parsons, Craig, 2002. "Showing Ideas as Causes: The Origins of the European Union," International Organization, Cambridge University Press, Cambridge University Press, vol. 56(01), pages 47-84, December.
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Cited by:
  1. Belhadj, ARAM & Bouguezzi, WAJDI & Jedlane, NABIL, 2009. "A Common Monetary Policy For The Maghreb: The Winners and The Losers?," MPRA Paper 29701, University Library of Munich, Germany.

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