Advanced Search
MyIDEAS: Login to save this paper or follow this series

A Long Term Perspective on the Euro

Contents:

Author Info

  • Michael Bordo
  • Harold James

Abstract

This essay will evaluate the experience of the first decade of EMU and the euro in historical perspective. It will ground the establishment of EMU and the euro in the context of the history of international monetary cooperation and of monetary unions. A discussion of the origins, key operating characteristics and problems encountered by earlier monetary arrangements will serve as a backdrop for an evaluation of the euro's performance and challenges in future decades. The essay will develop and expand upon the following three themes: 1. Lessons from the evolution of past monetary unions for EMU; 2. Fiscal policy arrangements for EMU in historical perspective; 3. Challenges facing EMU. The first two take an historical perspective. The third looks to the future.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://ec.europa.eu/economy_finance/publications/publication12121_en.pdf
Download Restriction: no

Bibliographic Info

Paper provided by Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission in its series European Economy - Economic Papers with number 307.

as in new window
Length: 32 pages
Date of creation: Feb 2008
Date of revision:
Handle: RePEc:euf:ecopap:0307

Contact details of provider:
Postal: Coomunivcations Unit, B-1049 Bruxelles / Brussels
Fax: +32 2 298.08.23
Email:
Web page: http://ec.europa.eu/economy_finance/index_en.htm
More information through EDIRC

Related research

Keywords: Economic and Monetary Union; euro; economic history; international monetary system; history of monetary unions; EMU; Bordo; James;

Other versions of this item:

Find related papers by JEL classification:

References

References listed on IDEAS
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.:
as in new window
  1. Bordo,Michael D., 2005. "The Gold Standard and Related Regimes," Cambridge Books, Cambridge University Press, number 9780521022941, April.
  2. Xavier Sala-i-Martin & Jeffrey Sachs, 1991. "Fiscal Federalism and Optimum Currency Areas: Evidence for Europe From the United States," NBER Working Papers 3855, National Bureau of Economic Research, Inc.
  3. Melitz, Jacques & Zumer, Frederic, 1999. "Interregional and international risk-sharing and lessons for EMU," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 51(1), pages 149-188, December.
  4. Frankel, Jeffrey A & Rose, Andrew K, 1996. "The Endogeneity of the Optimum Currency Area Criteria," CEPR Discussion Papers 1473, C.E.P.R. Discussion Papers.
  5. V.V. Chari & Patrick J. Kehoe, 2004. "On the Desirability of Fiscal Constraints in a Monetary Union," NBER Working Papers 10232, National Bureau of Economic Research, Inc.
  6. Michael D. Bordo & Lars Jonung, 1999. "The Future of EMU: What Does the History of Monetary Unions Tell Us?," NBER Working Papers 7365, National Bureau of Economic Research, Inc.
  7. Robert A. Mundell, 2002. "Currency areas, volatility and intervention," Discussion Papers 0102-09, Columbia University, Department of Economics.
  8. Redish,Angela, 2006. "Bimetallism," Cambridge Books, Cambridge University Press, number 9780521028936, April.
  9. Prati, A. & Schinasi, G.J., 1999. "Financial Stability in European Economic and Monetary Union," Princeton Studies in International Economics 86, International Economics Section, Departement of Economics Princeton University,.
  10. Fratianni,Michele & Spinelli,Franco, 1997. "A Monetary History of Italy," Cambridge Books, Cambridge University Press, number 9780521443159, April.
  11. Gerardo della Paolera & Alan M. Taylor, 2000. "Economic Recovery from the Argentine Great Depression: Institutions, Expectations, and the Change of Macroeconomic Regime," NBER Working Papers 6767, National Bureau of Economic Research, Inc.
  12. Neumann, Manfred J.M. & von Hagen, Jürgen, 1992. "Real Exchange Rates Within and Between Currency Areas: How Far Away is EMU?," CEPR Discussion Papers 660, C.E.P.R. Discussion Papers.
  13. Dixit, Avinash & Lambertini, Luisa, 2001. "Monetary-fiscal policy interactions and commitment versus discretion in a monetary union," European Economic Review, Elsevier, vol. 45(4-6), pages 977-987, May.
  14. Einaudi, Luca, 2001. "Money and Politics: European Monetary Unification and the International Gold Standard (1865-1873)," OUP Catalogue, Oxford University Press, number 9780199243662, September.
  15. Asdrubali, Pierfederico & Sorensen, Bent E & Yosha, Oved, 1996. "Channels of Interstate Risk Sharing: United States 1963-1990," The Quarterly Journal of Economics, MIT Press, vol. 111(4), pages 1081-1110, November.
  16. Maurice Obstfeld & Giovanni Peri, 1998. "Regional non-adjustment and fiscal policy," Economic Policy, CEPR & CES & MSH, vol. 13(26), pages 205-259, 04.
  17. Dirk Schoenmaker & Charles Goodhart, 2006. "Burden Sharing in a Banking Crisis in Europe," FMG Special Papers sp164, Financial Markets Group.
  18. De Grauwe, Paul & Vanhaverbeke, Wim, 1991. "Is Europe an Optimum Currency Area? Evidence from Regional Data," CEPR Discussion Papers 555, C.E.P.R. Discussion Papers.
  19. Uhlig, Harald, 2002. "One Money, but Many Fiscal Policies in Europe: What Are the Consequences?," CEPR Discussion Papers 3296, C.E.P.R. Discussion Papers.
  20. Orietta DESSY, 2004. "Nominal wage flexibility and institutions: preliminary micro-evidence from the Europanel," Departmental Working Papers 2004-17, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Agata Osinska, Grzegorz Tchorek, 2010. "Financial Crisis and Changes in the International Monetary System. Implications for Euro," Equilibrium, Uniwersytet Mikolaja Kopernika, vol. 2, pages 9-19.
  2. Maxime Parodi, 2013. "De la monnaie cosmopolitique," Sciences Po publications 2013-09, Sciences Po.
  3. repec:spo:wpecon:info:hdl:2441/f6h8764enu2lskk9p50c4i5qm is not listed on IDEAS
  4. Alistair K. L. Milne, 2011. "Limited Liability Government Debt for the Eurozone -super-†," CESifo Economic Studies, CESifo, vol. 57(1), pages 44-78, March.
  5. Etienne Farvaque & Norimichi Matsueda, 2009. "Monetary Unions and External Shocks," Economics Bulletin, AccessEcon, vol. 29(2), pages 1483-1491.
  6. Rockoff, Hugh & White, Eugene N., 2012. "Monetary Regimes and Policy on a Global Scale: The Oeuvre of Michael D. Bordo," MPRA Paper 49672, University Library of Munich, Germany, revised May 2013.
  7. Maxime Parodi, 2013. "De la monnaie cosmopolitique," Documents de Travail de l'OFCE 2013-09, Observatoire Francais des Conjonctures Economiques (OFCE).
  8. Mihai Rebiga, 2010. "Is Romania Ready for Adopting Euro?," Studies and Scientific Researches. Economics Edition, "Vasile Alecsandri" University of Bacau, Faculty of Economic Sciences, issue 15.
  9. Malliaris, A.G. & Malliaris, Mary, 2011. "Are oil, gold and the euro inter-related? time series and neural network analysis," MPRA Paper 35266, University Library of Munich, Germany.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:euf:ecopap:0307. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ECFIN INFO).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.