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The Political Economy of the European Economic and Monetary Union: Political Sources of an Economic Liability


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  • Martin Feldstein


EMU would be an economic liability. A single currency would cause at most small trade and investment gains but would raise average cyclical unemployment and would probably raise inflation, perpetuate structural unemployment, and increase the risk of protectionism. EMU is nevertheless being pursued in order to create a political union. Fundamental disagreements among member states about economic policies, foreign and military policies, and the sharing of political power are likely to create future intra-European conflicts. A united Europe would be a formidable participant in the 21st century's global balance of power, with uncertain consequences for world stability and peace.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 6150.

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Date of creation: Feb 1998
Date of revision:
Publication status: published as Journal of Economic Perspectives, Vol. 11, no. 4 (Fall 1997): 23-42.
Handle: RePEc:nbr:nberwo:6150

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  1. Dal Manzanarre al Reno: mobilità de che?
    by Alberto Bagnai in Goofynomics on 2012-05-07 07:55:00
  2. Più Europa (e meno Spagna). O no?
    by Alberto Bagnai in Goofynomics on 2012-05-11 20:28:00
  3. Più Europa (e meno Spagna). O no?
    by redazione in Appello al popolo on 2012-05-12 18:18:08
  4. Il modello tedesco e la notte dei cristalli
    by Alberto Bagnai in Goofynomics on 2013-05-09 16:32:00
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