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Sui Generis EMU

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  • Eichengreen, Barry

Abstract

The thesis of this paper is that there is no historical precedent for Europe’s monetary union (EMU). While it is possible to point to similar historical experiences, the most obvious of which were in the 19th century, occurred in Europe, and had “union” as part of their names, EMU differs from these earlier monetary unions. The closer one looks the more uncomfortable one becomes with the effort to draw parallels on the basis of historical experience. It is argued that efforts to draw parallels between EMU and monetary unions past are more likely to mislead than to offer useful insights. Where history is useful is not in drawing parallels but in pinpointing differences. It is useful for highlighting what is distinctive about EMU.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 6642.

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Date of creation: Jan 2008
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Handle: RePEc:cpr:ceprdp:6642

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Keywords: European Monetary Union;

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Cited by:
  1. Regling, Klaus & Deroose, Servaas & Felke, Reinhard & Kutos, Paul, 2010. "The Euro After Its First Decade: Weathering the Financial Storm and Enlarging the Euro Area," ADBI Working Papers 205, Asian Development Bank Institute.
  2. Ulrich Fritsche & Vladimir Kuzin, 2011. "Analysing convergence in Europe using the non-linear single factor model," Empirical Economics, Springer, vol. 41(2), pages 343-369, October.
  3. Mojmír Hampl, 2012. "European Monetary Integration And A Position Of Its Former Hegemon," Politická ekonomie, University of Economics, Prague, vol. 2012(6), pages 707-722.

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