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The Enlargement Challenge: Can Monetary Union be Made to Work in an EU of 25 Members?

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  • Eichengreen, Barry

Abstract

This lecture considers how Europe’s monetary union will evolve in the next five to ten years. It concentrates on what is likely to be the most important change in that period, namely, the increasing number and heterogeneity of participating states. By 2006, less than four years from now, it is virtually certain that EMU will be enlarged to include a number of Eastern European countries that have not yet been admitted to the EU itself. These new members will differ sharply from the incumbents in terms of their economic structures, their per capita incomes, and their growth rates. The analysis focuses on the implications of this momentous change for the structure, organization and operation of EMU.

Suggested Citation

  • Eichengreen, Barry, 2002. "The Enlargement Challenge: Can Monetary Union be Made to Work in an EU of 25 Members?," Institute of European Studies, Working Paper Series qt38d2r4z1, Institute of European Studies, UC Berkeley.
    • Handle: RePEc:cdl:bineur:qt38d2r4z1
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    Cited by:

    1. Kleczka, Mitja, 2015. "Monetary Policy, Fiscal Policy, and Secular Stagnation at the Zero Lower Bound. A View on the Eurozone," MPRA Paper 67228, University Library of Munich, Germany.

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