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Sui Generis EMU

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  • Barry Eichengreen

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 National Bureau of Economic Research, Inc in its series NBER Working Papers with number 13740.

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Date of creation: Jan 2008
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Handle: RePEc:nbr:nberwo:13740

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Cited by:
  1. Mojmír Hampl, 2013. "The Case of European Monetary Integration and its Former Hegemon," German Economic Review, Verein für Socialpolitik, Verein für Socialpolitik, vol. 14(1), pages 2-14, 02.
  2. Ulrich Fritsche & Vladimir Kuzin, 2011. "Analysing convergence in Europe using the non-linear single factor model," Empirical Economics, Springer, Springer, vol. 41(2), pages 343-369, October.
  3. 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, Asian Development Bank Institute 205, Asian Development Bank Institute.
  4. Kevin H. O'Rourke & Alan M. Taylor, 2013. "Cross of Euros," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 27(3), pages 167-92, Summer.
  5. Mojmír Hampl, 2012. "European Monetary Integration and a Position of its Former Hegemon," Politická ekonomie, University of Economics, Prague, University of Economics, Prague, vol. 2012(6), pages 707-722.

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