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Alice in Euroland

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Author Info
W.H. Buiter
Abstract

The paper contains a detailed critique of the common currency arrangements of the Economic and Monetary Union, embodied in the laws and emerging procedural arrangements that govern the actions of its key institutions: the European Central Bank and the European System of Central Banks. The main message here is 'Great idea, shame about the execution'. A number of improvements are then proposed. Some of these require amending the Treaty, including an end to the rule that each EMU member's national central bank has a seat on the Governing Council or the removal of the power of the Council of Ministers to give 'general orientations' for exchange rate policy. Others, notably in the areas of accountability, openness and transparency, could be implemented immediately, including publication of voting records, minutes and the inflation forecast. Improved arrangements are also advocated for the co-ordination of monetary and fiscal policy. And the article calls for a European Parliament that can both bark and bite.

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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0423.

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Date of creation: Apr 1999
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Handle: RePEc:cep:cepdps:dp0423

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  1. Buiter, Willem H, 1997. "The Economic Case for Monetary Union in the European Union," Review of International Economics, Blackwell Publishing, vol. 5(4), pages 10-35, Supplemen.
  2. Robert P. Inman & Daniel L. Rubinfeld, 1998. "Subsidiarity and the European Union," NBER Working Papers 6556, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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This page was last updated on 2009-11-18.

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