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Completing the unfinished house: Towards a genuine economic and monetary union?

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  • Issing, Otmar

Abstract

[I. EMU, a Unique Experiment] The European Monetary Union (EMU) represents an unprecedented institutional arrangement. Never before in history have states, while maintaining their individual sovereignties, voluntarily renounced their national currencies in favour of a new common currency and ceded their authority over monetary policy to a supranational central bank. It can therefore be said that on January 1, 1999, when this new currency - the euro - was adopted, a bold experiment began, the outcome of which is still under debate 16 years later. This experiment has three dimensions - political, economic and monetary integration - which form the legs of a new and difficult “triangle” (Issing 2004). While the establishment of the European Central Bank (ECB) solved the monetary challenge on the institutional level, the problem of conducting a “one-size-fits-all” monetary policy continues to be a tremendous task due to economic divergences across the eurozone countries. [...]

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  • Issing, Otmar, 2015. "Completing the unfinished house: Towards a genuine economic and monetary union?," CFS Working Paper Series 521, Center for Financial Studies (CFS).
    • Handle: RePEc:zbw:cfswop:521
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    Cited by:

    1. Athanasios Orphanides, 2020. "The fiscal–monetary policy mix in the euro area: challenges at the zero lower bound," Economic Policy, CEPR, CESifo, Sciences Po;CES;MSH, vol. 35(103), pages 461-517.
    2. Francesco Spadafora, 2019. "European integration in the time of mistrust," Questioni di Economia e Finanza (Occasional Papers) 512, Bank of Italy, Economic Research and International Relations Area.
    3. Otmar Issing, 2020. "The COVID‐19 crisis: A Hamilton moment for the European Union?," International Finance, Wiley Blackwell, vol. 23(2), pages 340-347, August.

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