EMU: An Outsider's Perspective
AbstractThis talk was presented at the Finlay-O'Brien Lecture, delivered at University College, Dublin, October 7, 1996. One of the themes is that the economics profession knows little about EMU's benefits and costs. But while EMU is a gamble, it is probably a gamble worth taking, if you believe, as I do, that the EMU project is integrally linked to the effective completion of the Single Market, and that the benefits of the Single Market are large. EMU also has costs, and it is the difficulty of quantifying them that creates the uncertainty. Most discussions focus on the costs of forsaking monetary autonomy Ã¢â¬â that countries which give up a separate national currency give up recourse to an independent monetary response to economic shocks. While there is some merit to this argument, I will suggest that these costs are not the ones about which Irish policymakers and their constituents should be particularly worried.
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Bibliographic InfoPaper provided by University of California at Berkeley in its series Center for International and Development Economics Research (CIDER) Working Papers with number C96-079.
Date of creation: 01 Dec 1996
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Other versions of this item:
- Eichengreen, Barry, 1996. "EMU: An Outsider's Perspective," Center for International and Development Economics Research, Working Paper Series qt2m60n639, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
- Eichengreen, B., 1996. "EMU: An Outsider's Perspective," Papers 96/26, College Dublin, Department of Political Economy-.
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
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- McCoy, Daniel, 1997. "How useful is Structural VAR Analysis for Irish economics?," Research Technical Papers 2/RT/97, Central Bank of Ireland.
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