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Economic and Monetary Union in Europe

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  • Charles R. Bean

Abstract

The European Council's Maastricht Agreement maps out a precise route to monetary union and the eventual introduction of a common currency. My discussion begins with a look at the general arguments for and against monetary union. I shall then discuss the proposed constitution of the European Central Bank and whether it is likely to be conducive to monetary stability, together with some of the problems posed by the transition to the new regime. Finally, I will turn to the issue of rules for the conduct of fiscal policy and the question of "fiscal federalism."

Suggested Citation

  • Charles R. Bean, 1992. "Economic and Monetary Union in Europe," Journal of Economic Perspectives, American Economic Association, vol. 6(4), pages 31-52, Fall.
  • Handle: RePEc:aea:jecper:v:6:y:1992:i:4:p:31-52
    Note: DOI: 10.1257/jep.6.4.31
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.6.4.31
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    References listed on IDEAS

    as
    1. Kenneth Rogoff, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, Oxford University Press, vol. 100(4), pages 1169-1189.
    2. Robert J. Barro & David B. Gordon, 2019. "A Positive Theory of Monetary Policy in a Natural Rate Model," Credit and Capital Markets, Credit and Capital Markets, vol. 52(4), pages 505-525.
    3. Olivier Jean Blanchard & Lawrence F. Katz, 1992. "Regional Evolutions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 23(1), pages 1-76.
    4. Tamim Bayoumi & Barry Eichengreen, 1992. "Shocking Aspects of European Monetary Unification," NBER Working Papers 3949, National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F02 - International Economics - - General - - - International Economic Order and Integration

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