Richard N. Cooper (Paper 1) (Harvard University) Michael Bordo (Paper 2) (Economics Department, Rutgers University and Harvard University) Harold James (Paper 2) (History Department and Woodrow Wilson School, Princeton University)
Abstract
Paper 1: This paper suggests that some time in the not-too-distant future the governments of the industrialized democracies – concretely, the United States, the European Union, and Japan – should consider establishing a common currency for their collective use. A common currency would credibly eliminate exchange rate uncertainty and exchange rate movements among major currencies, both of which are significant sources of disturbance to important economies. One currency would of course entail one monetary policy for the currency area, and a political mechanism to assure accountability. This proposal is not realistic today, but is set as a vision for the second or third decade into the 21st century. Europeans, in creating EMU, have taken a major step in the direction indicated. Their idea could be taken further. Paper 2: In this paper, we look at the major arguments for monetary simplification and unification before explaining why the nineteenth century utopia is an idea whose time has gone, not come.
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Paper provided by Oesterreichische Nationalbank (Austrian Central Bank) in its series Working Papers with number
127.
Length: 59 pages Date of creation: 06 Sep 2006 Date of revision: Handle: RePEc:onb:oenbwp:127
Note: The paper includes a comment on both papers by Sergio Schmukler. Contact details of provider: Postal: P.O. Box 61, A-1011 Vienna, Austria Phone: +43/1/404 20 7205 Fax: +43/1/404 20 7299 Email: Web page: http://www.oenb.at/ More information through EDIRC
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