IDEAS home Printed from https://ideas.repec.org/a/bla/reviec/v5y1997i4p10-35.html
   My bibliography  Save this article

The Economic Case for Monetary Union in the European Union

Author

Listed:
  • Buiter, Willem H

Abstract

Differential requirements for seigniorage provide a weak case for retaining monetary independence. As regards adjustment to asymmetric shocks, nominal exchange rate flexibility is at best a limited blessing and at worst a limited curse. Absence of significant fiscal redistribution mechanisms among EU members is not an obstacle to monetary union. Neither is limited international labour mobility. Convergence of real economic performance is irrelevant for monetary union. A common currency is the logical implication of unrestricted capital mobility. The Maastricht criteria need not hinder monetary union provided the political will exists to adopt a flexible interpretations of the fiscal criteria. Copyright 1997 by Blackwell Publishing Ltd.

Suggested Citation

  • Buiter, Willem H, 1997. "The Economic Case for Monetary Union in the European Union," Review of International Economics, Wiley Blackwell, vol. 5(4), pages 10-35, Supplemen.
    • Handle: RePEc:bla:reviec:v:5:y:1997:i:4:p:10-35
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Willem H. Buiter, 2000. "Is Iceland an Optimal Currency Area?," Economics wp10, Department of Economics, Central bank of Iceland.
    2. Willem H. Buiter & Clemens Grafe, 2002. "Anchor, float or abandon ship: exchange rate regimes for the accession countries," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 55(221), pages 111-142.
    3. Guimbard, Houssein & Le Goff, Maëlan, 2014. "Mega Deals: What Consequences for sub-Saharan Africa?," Conference papers 332514, Purdue University, Center for Global Trade Analysis, Global Trade Analysis Project.
    4. Kirrane, Chris, 2003. "The Choice of Exchange Rate Regimes for EU Accession Countries," MPRA Paper 88877, University Library of Munich, Germany.
    5. Willem H. Buiter, 1999. "Alice in Euroland," Journal of Common Market Studies, Wiley Blackwell, vol. 37(2), pages 181-209, June.
    6. Adu, Raymond & Litsios, Ioannis & Baimbridge, Mark, 2019. "Real exchange rate and asymmetric shocks in the West African Monetary Zone (WAMZ)," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 59(C), pages 232-249.
    7. Buiter, Willem H., 2000. "Monetary misconceptions," LSE Research Online Documents on Economics 20168, London School of Economics and Political Science, LSE Library.
    8. Willem H. Buiter, 1999. "The EMU and the NAMU: What is the Case for North American Monetary Union?," Canadian Public Policy, University of Toronto Press, vol. 25(3), pages 285-305, September.
    9. Willem H. Buiter, 2010. "Economic, Political and Institutional Prerequisites for Monetary Union Among the Members of the Gulf Cooperation Council," Chapters, in: Ronald MacDonald & Abdulrazak Al Faris (ed.), Currency Union and Exchange Rate Issues, chapter 3, Edward Elgar Publishing.
    10. Buiter, Willem H., 2000. "Optimal currency areas: why does the exchange rate regime matter? (with an application to UK membership in EMU)," LSE Research Online Documents on Economics 20178, London School of Economics and Political Science, LSE Library.
    11. Willem Buiter & Clemens Grafe, 2001. "Banque centrale et choix de régimes de change pour les pays candidats à l’adhésion," Revue d'Économie Financière, Programme National Persée, vol. 6(1), pages 315-347.
    12. George M. Von Furstenberg, 2002. "One Region, One Money?," The ANNALS of the American Academy of Political and Social Science, , vol. 579(1), pages 106-122, January.
    13. Marc-Alexandre Sénégas, 2010. "La théorie des zones monétaires optimales au regard de l'euro : Quels enseignements après dix années d'union économique et monétaire en Europe ?," Revue d'économie politique, Dalloz, vol. 120(2), pages 379-419.
    14. Buiter, Willem, 2000. "Monetary Misconceptions: New and Old Paradigmata and Other Sad Tales," CEPR Discussion Papers 2365, C.E.P.R. Discussion Papers.
    15. B. Gabriela Mundaca & Jon Strand, 2005. "A risk allocation approach to optimal exchange rate policy," Oxford Economic Papers, Oxford University Press, vol. 57(3), pages 398-421, July.
    16. von Furstenberg, George M., 2001. "Pressures for currency consolidation in insurance and finance: Are the currencies of financially small countries on the endangered list?," Journal of Policy Modeling, Elsevier, vol. 23(3), pages 321-331, April.
    17. Buiter, Willem, 2000. "Optimal Currency Areas: Why Does The Exchange Rate Regime Matter?," CEPR Discussion Papers 2366, C.E.P.R. Discussion Papers.
    18. Carre, Martine & Collard, Fabrice, 2003. "Monetary union: A welfare based approach," European Economic Review, Elsevier, vol. 47(3), pages 521-552, June.
    19. Willem Buiter & Clemens Grafe, 2001. "Central Banking and the Choice of Currency Regime in Accession Countries," Revue d'Économie Financière, Programme National Persée, vol. 6(1), pages 287-318.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:reviec:v:5:y:1997:i:4:p:10-35. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0965-7576 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.