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What Have we Learnt about Monetary Integration since the Maastricht Treaty?

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  • PAUL DE GRAUWE

Abstract

The present governance of the euro area has been devised assuming that the world fits the monetarist‐real‐business‐cycle theory. But that theory is not a correct representation of the world. The European monetary union is a remarkable achievement, but remains fragile because of the absence of a sufficient degree of political union.

Suggested Citation

  • Paul De Grauwe, 2006. "What Have we Learnt about Monetary Integration since the Maastricht Treaty?," Journal of Common Market Studies, Wiley Blackwell, vol. 44(4), pages 711-730, November.
    • Handle: RePEc:bla:jcmkts:v:44:y:2006:i:4:p:711-730
    DOI: 10.1111/j.1468-5965.2006.00659.x
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    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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