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European Monetary Integration

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  • Charles Goodhart

Abstract

In this paper I seek to establish four points:- (1) EMU will be a much tighter and more ambitious regime than the gold standard. (2) Should,d misalignment occur under EMU, it could lead to considerable political tension, since most of the short-term economic safety valves are of limited efficacy. (3) While a single currency certainly supports a single market, the claim that the former is necessary for the latter is contentious. (4) Not only would some well-designed federal fiscal stabilisation help to maintain a single currency, especially on political grounds, but also a single currency could reduce national objections to greater fiscal federalism.

Suggested Citation

  • Charles Goodhart, 1995. "European Monetary Integration," FMG Special Papers sp73, Financial Markets Group.
    • Handle: RePEc:fmg:fmgsps:sp73
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    File URL: http://www.lse.ac.uk/fmg/documents/specialPapers/1990s/sp73.pdf
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    References listed on IDEAS

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    1. Melitz, Jacques, 1995. "The current impasse in research on optimum currency areas," European Economic Review, Elsevier, vol. 39(3-4), pages 492-500, April.
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