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Eurosclerosis, Eurochicken and the Outlook for EMU

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  • Miller, M.

Abstract

Europe is rushing headlong into monetary union armed with preconditions reflecting mistrust among would-be partners rather than what is needed for a successful common currency. Current negotiations on the future structure and policy of EMU, in particular, seem to resemble a game of "Chicken"! It is surely unlikely that this will produce the sort of monetary policy needed to mitigate the effects of Eurosclerosis. It is suggested, therefore, that willingness to initiate labour market reforms would be a far more effective criterion for membership than the current Maastricht conditions.

Suggested Citation

  • Miller, M., 1997. "Eurosclerosis, Eurochicken and the Outlook for EMU," The Warwick Economics Research Paper Series (TWERPS) 482, University of Warwick, Department of Economics.
    • Handle: RePEc:wrk:warwec:482
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    File URL: https://warwick.ac.uk/fac/soc/economics/research/workingpapers/1995-1998/twerp482.pdf
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    Cited by:

    1. Rotondi, Zeno, 2000. "Credibility of optimal monetary delegation: do we really need prohibitive reappointment costs?," Discussion Paper Series In Economics And Econometrics 3, Economics Division, School of Social Sciences, University of Southampton.
    2. Philip Arestis & Malcolm Sawyer, 1999. "The Economic and Monetary Union: Current and Future Prospects," Economics Working Paper Archive wp_282, Levy Economics Institute.
    3. Rotondi, Zeno, 2000. "Credibility of optimal monetary delegation: do we really need prohibitive reappointment costs?," Discussion Paper Series In Economics And Econometrics 0003, Economics Division, School of Social Sciences, University of Southampton.

    More about this item

    Keywords

    MONETARY AREAS ; EUROPE ; MONETARY POLICY;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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