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The Exchange-Rate Question in Europe

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  • Giavazzi, Francesco

Abstract

This paper reviews the arguments for and against monetary unification in Europe, taking into account the recent shift in emphasis in discussions of exchange rate regimes. It discusses the merits of irrevocably fixed versus flexible exchange rates in the light of the literature on international strategic interactions, where inefficiencies arise from countries' incentives to run beggar-thy-neighbor policies. The long run level of inflation is viewed as determined by the 'credibility' of the monetary authorities: the choice of the exchange rate regime modifies the constraints faced by monetary authorities and may thus modify the equilibrium inflation rate.

Suggested Citation

  • Giavazzi, Francesco, 1989. "The Exchange-Rate Question in Europe," CEPR Discussion Papers 298, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:298
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    Cited by:

    1. Vittorio U. Grilli, 1988. "Seigniorage in Europe," NBER Working Papers 2778, National Bureau of Economic Research, Inc.
    2. Patrick Artus, 1992. "Passage à l'union économique et monétaire en Europe : effets sur la croissance et les politiques budgétaires," Économie et Prévision, Programme National Persée, vol. 106(5), pages 123-137.
    3. Paul R. Masson & Mark P. Taylor, 1993. "Fiscal Policy within Common Currency Areas," Journal of Common Market Studies, Wiley Blackwell, vol. 31(1), pages 29-44, March.
    4. F. Van der Ploeg, 1992. "Coordinación de políticas macroeconómicas en las diferentes etapas de la integración económica y monetaria en Europa," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 24(03), pages 240-286.
    5. van der Ploeg, F., 1990. "Towards monetary integration in Europe," Other publications TiSEM 37eede87-4c89-404f-81a4-6, Tilburg University, School of Economics and Management.

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