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European Monetary Union: Institutional Structure and Economic Performance

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  • Currie, David

Abstract

This paper examines what economics can say about a regime shift from the exchange rate mechanism to European monetary union. The primary issues concern the credibility of monetary and fiscal policy; the institutional structures that best underpin that credibility; and how agents will learn to adopt to these new structures. The consequences of European monetary union are shown to depend on the decision-making structure and degree of independence of a European central bank, and the precise institutional setup. Finally, it is argued that a successful European monetary union will require a set of rules limiting governments' fiscal actions. Copyright 1992 by Royal Economic Society.

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  • Currie, David, 1992. "European Monetary Union: Institutional Structure and Economic Performance," Economic Journal, Royal Economic Society, vol. 102(411), pages 248-264, March.
    • Handle: RePEc:ecj:econjl:v:102:y:1992:i:411:p:248-64
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    Cited by:

    1. Boyer, Robert, 1998. "An essay on the political and institutional deficits of the Euro. The unanticipated fallout of the European Monetary Union," CEPREMAP Working Papers (Couverture Orange) 9813, CEPREMAP.
    2. Sergey Drobyshevsky & Dmitri Polevoy, 2004. "Problems Associated with Creation of a Single Currency Zone in the CIS Countries," Research Paper Series, Gaidar Institute for Economic Policy, issue 80P, pages 110-110.

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