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The Prospects of a Mini Currency Union in 1999

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Author Info
De Grauwe, Paul
Abstract

In this paper we analyse the prospects of a mini currency union in Europe. We argue that the Maastricht strategy will create a situation in which the countries excluded from the EMU will use their negative voting power to bar the entry of a number of core countries into the union. The countries excluded will have a strong legal basis to do so because several core countries will fail one or more Maastricht convergence norms. Thus, the scenario that the financial markets believe in today is highly unrealistic. Instead countries will be confronted with the choice of a maxi currency union or no currency union.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1458.

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Date of creation: Sep 1996
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Handle: RePEc:cpr:ceprdp:1458

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Related research
Keywords: Maastricht Treaty; monetary integration;

Find related papers by JEL classification:
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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This page was last updated on 2009-12-21.

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