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The Euro: It Happened, It's Not Reversible, So… Make It Work


  • Lars Jonung
  • Eoin Drea


Rejoinder to the comments on: “It Can’t Happen, It’s a Bad Idea, It Won’t Last. U.S. Economists on the EMU and the Euro, 1989—2002.” In Jonung and Drea (2010) we surveyed the evolution of the views of U.S. economists on European monetary unification from the publication of the Delors Report in 1989 to the introduction of euro notes and coins in January 2002. Here we provide our response to the nine commentators to our paper. We stress that almost all of the commentators share our conclusion that the use of the theory of optimum currency area to evaluate the European plans for a monetary union was a major source of U.S. academic pessimism towards the single currency for it led economists to ignore the political dimension of the European integration process. We note that some of the U.S. economists who took part in the debate in the 1990s now are back commenting on the present challenges facing the euro. Link to January 2010 article “It Can’t Happen, It’s a Bad Idea, It Won’t Last. U.S. Economists on the EMU and the Euro, 1989—2002.”

Suggested Citation

  • Lars Jonung & Eoin Drea, 2010. "The Euro: It Happened, It's Not Reversible, So… Make It Work," Econ Journal Watch, Econ Journal Watch, vol. 7(2), pages 113-118, May.
  • Handle: RePEc:ejw:journl:v:7:y:2010:i:2:p:113-118

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    References listed on IDEAS

    1. C. Fred Bergsten, 2010. "I Was a Euro Enthusiast," Econ Journal Watch, Econ Journal Watch, vol. 7(1), pages 53-55, January.
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    Cited by:

    1. Pomfret, Richard, 2014. "European crises and the Asian economies," Journal of Asian Economics, Elsevier, vol. 31, pages 71-81.

    More about this item


    Euro; optimum currency area; European Central Bank (ECB); Economic and Monetary Union (EMU); monetary unification;

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E - Macroeconomics and Monetary Economics
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics


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