On the Feasibility of a One or Multi-Speed European Monetary Union
AbstractThis paper addresses two questions: (1) Is a twelve country monetary union in Europe feasible; (2) Can monetary union be achieved at multi-speed, i.e., with a rust 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 skepticism concerning the multi-speed idea. We show that the final result of the process of monetary integration is dependent upon at "how many speeds" Europe will proceed. Our discussion of feasibility shed some light on the political economy of the recent (Fall of 1992) turmoil in the monetary system of Europe.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4350.
Date of creation: Apr 1993
Date of revision:
Publication status: published as Alesina, Alberto and Vittorio Grilli. “On the Feasibility of a One-Speed or a Multi-Speed European Monetary Union." Economics and Politics 5 (July 1993): 145-66.
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Other versions of this item:
- Alesina, Alberto F & Grilli, Vittorio, 1993. "On the Feasibility of a One- or Multi-Speed European Monetary Union," CEPR Discussion Papers 792, C.E.P.R. Discussion Papers.
- 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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- Alesina, Alberto F & Grilli, Vittorio, 1991.
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CEPR Discussion Papers
563, C.E.P.R. Discussion Papers.
- Alberto Alesina & Vittorio Grilli, 1991. "The European Central Bank: Reshaping Monetary Politics in Europe," NBER Working Papers 3860, National Bureau of Economic Research, Inc.
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