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Two years into the Euro: The Next Step for Europe

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  • Stefan Colligon

Abstract

European Monetary Union (EMU) has been good for Europe. Two years after it started, the economy of Euroland is in better shape with economic growth at 3.5 percent in 2000, the highest in over a decade, unemployment down, and price stability assured. However, contrary to previous expectations, the exchange rate has depreciated from its initial high level and although it recently seems to have turned around, public opinion often remains sceptical . Ultimately, this gap between reality and perception needs to be closed, if European integration and therefore EMU is to be sustained. In this paper, I will first review the economic arguments that led to the creation of the EMU and match them against the results. I will then analyse policy making in Euroland and put forward some recommendations for improvement.

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  • Stefan Colligon, 2001. "Two years into the Euro: The Next Step for Europe," FMG Special Papers sp129, Financial Markets Group.
    • Handle: RePEc:fmg:fmgsps:sp129
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    1. Hans‐Werner Sinn, 2002. "Germany’s Economic Unification: An Assessment after Ten Years," Review of International Economics, Wiley Blackwell, vol. 10(1), pages 113-128, February.
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