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On the Feasibility of a One- or Multi-Speed European Monetary Union

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Author Info
Alesina, Alberto F
Grilli, Vittorio

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Abstract

This paper addresses two questions: (1) Is a twelve-country monetary union in Europe feasible? (2) Can monetary union be achieved in stages, i.e. with an initial group of countries going first, and later admitting the others? After examining several politico-economic arguments concerning problems of feasibility of the union, we conclude with a fair amount of scepticism concerning the multi-speed idea. We show that the final result of the monetary integration process depends on `how many speeds' Europe proceeds with. Our discussion of feasibility sheds some light on the political economy of the recent (Fall of 1992) turmoil in the monetary system of Europe.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 792.

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Date of creation: Jul 1993
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Handle: RePEc:cpr:ceprdp:792

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Related research
Keywords: European Monetary System; European Monetary Union; Multi-speed; Political Economy;

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Find related papers by JEL classification:
F15 - International Economics - - Trade - - - Economic Integration
F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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  1. Collins, S.M. & Giavazzi, F., 1992. "Attitudes Towards Inflation and the Viability of Fixed Exchange Rates: Evidence from the EMS," Harvard Institute of Economic Research Working Papers 1592, Harvard - Institute of Economic Research.
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  2. Susan M. Collins & Francesco Giavazzi, 1993. "Attitudes toward Inflation and the Viability of Fixed Exchange Rates: Evidence from the EMS," NBER Chapters, in: A Retrospective on the Bretton Woods System: Lessons for International Monetary Reform, pages 547-586 National Bureau of Economic Research, Inc. [Downloadable!]
  3. Alesina, Alberto & Tabellini, Guido, 1988. "Credibility and politics," European Economic Review, Elsevier, vol. 32(2-3), pages 542-550, March. [Downloadable!] (restricted)
  4. Rogoff, Kenneth, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, MIT Press, vol. 100(4), pages 1169-89, November. [Downloadable!] (restricted)
  5. Alberto Alesina & Vittorio Grilli, 1991. "The European Central Bank: Reshaping Monetary Politics in Europe," NBER Working Papers 3860, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  6. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Nikitas Konstantinidis, 2007. "Gradualism and Uncertainty in International Union Formation," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
  2. Engwerda, J.C. & Douven, R.C, 1996. "A game-theoretic rationale for EMU," Research Memorandum 727, Tilburg University, Faculty of Economics and Business Administration. [Downloadable!]
  3. Jean Pisani-Ferry, 1995. "L'Europe a geometrie variable, une analyse economique," Working Papers 1995-04, CEPII research center. [Downloadable!]
  4. Andrew Hughes Hallett & Ella Kavanagh, 2001. "Inflation Under Alternative Exchange Rate Regimes: What Happens When Countries Differ in Size?," Open Economies Review, Springer, vol. 12(2), pages 145-161, April. [Downloadable!] (restricted)
  5. Massimo Bordignon & Sandro Brusco, 2003. "On Enhanced Cooperation," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  6. R. Sean Craig, 1994. "Who will join EMU? Impact of the Maastricht convergence criteria on economic policy choice and performance," International Finance Discussion Papers 480, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  7. Beetsma,Roel M.W.J. & Bovenberg,A. Lans, 1995. "Monetary union without fiscal coordination may discipline policymakers," Research Memoranda 024, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
    Other versions:
  8. Beetsma, R. & Bovenberg, L., 1995. "Designing Fiscal and Monetary Institutions for a European Monetary Union," Discussion Paper 58, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  9. Beetsma,Roel M.W.J., 1996. "The Interaction of Fiscal and Monetary Policy in a Monetary Union: Balancing Credibility and Flexibility," Research Memoranda 005, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
    Other versions:
  10. Daniel Laskar, 1998. "Coopération monétaire partielle," Annales d'Economie et de Statistique, ADRES, issue 52, pages 05, Octobre-D. [Downloadable!]
  11. Pompeo Posta & Valeria Bonis, 2009. "Strategic Interactions Among Central Bank and National Fiscal Authorities in a Monetary Union Subject to Asymmetric Country Shocks," Open Economies Review, Springer, vol. 20(2), pages 241-263, April. [Downloadable!] (restricted)
  12. Marion Kohler, . "Coalition formation in international monetary policy games," Bank of England working papers 92, Bank of England. [Downloadable!]
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  13. Fabrizio Spargoli, 2005. "Monetary Policy Transmission Mechanisms within the European Monetary Union," Rivista di Politica Economica, SIPI Spa, vol. 95(6), pages 31-68, November-. [Downloadable!]
  14. Kohler, Marion, 2004. "Competing Coalitions in International Monetary Policy Games," Discussion Paper Series 26274, Hamburg Institute of International Economics. [Downloadable!]
  15. Valeria De Bonis & Pompeo Della Posta, 2005. "Strategic interactions between monetary and fiscal authorities in a monetary union," Working Papers de Economia (Economics Working Papers) 26, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro. [Downloadable!]
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