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The European monetary system: Crisis and future

  • Dominick Salvatore
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    This paper examines the immediate and the fundamental causes of the crsis that hit the European Monetary System in September 1992 and August 1993 and the obstacles that European countries face in trying to achieve their ultimate goal of full monetary union, including a single currency and a union-wide central bank by the end of this decade. The conclusion that follows from the paper is that achieving full monetary union in Europe by the end of this decade is certainly possible but not certain. A major recession or other shock affecting asymmetrically more than one large member nation could derail or at least delay the process of monetary union. Although major benefits are expected to flow from monetary union in Europe, even more important are the political benefits that such a union would provide to its members. Copyright Kluwer Academic Publishers 1996

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    File URL: http://hdl.handle.net/10.1007/BF01886216
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    Article provided by Springer in its journal Open Economies Review.

    Volume (Year): 7 (1996)
    Issue (Month): 1 (March)
    Pages: 601-623

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    Handle: RePEc:kap:openec:v:7:y:1996:i:1:p:601-623
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    1. Fratianni, Michele & von Hagen, Juergen, 1990. "The European Monetary System ten years after," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 32(1), pages 173-241, January.
    2. von Hagen,Juergen, . "Monetary policy coordination in the european monetary system," Discussion Paper Serie B 159, University of Bonn, Germany.
    3. George S. Tavlas, 1993. "The ‘New’ Theory of Optimum Currency Areas," The World Economy, Wiley Blackwell, vol. 16(6), pages 663-685, November.
    4. MacDonald, Ronald & Taylor, Mark P, 1990. "Exchange Rates, Policy Convergence and the European Monetary System," CEPR Discussion Papers 444, C.E.P.R. Discussion Papers.
    5. Eichengreen, Barry, 1990. "Is Europe an Optimum Currency Area?," CEPR Discussion Papers 478, C.E.P.R. Discussion Papers.
    6. Peter M. Garber & Lars E.O. Svensson, 1994. "The Operation and Collapse of Fixed Exchange Rate Regimes," NBER Working Papers 4971, National Bureau of Economic Research, Inc.
    7. Sachs, Jeffrey & Sala-i-Martin, Xavier, 1992. "Fiscal Federalism and Optimum Currency Areas: Evidence for Europe from the United States," CEPR Discussion Papers 632, C.E.P.R. Discussion Papers.
    8. Smaghi, L.B. & Area, C., 1993. "Rating the EC as an Optimal Currency Area," Papers 187, Banca Italia - Servizio di Studi.
    9. Laidler, David E. W., 1991. "One market, one money? Well, maybe ... sometimes," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 85-93.
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    11. Eichengreen, Barry, 1993. "European Monetary Unification," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1321-57, September.
    12. Bayoumi, T. & Eichengreen, B., 1994. "One Money or Many? Analysing the Prospects for Monetary Unification in Various Parts of the World," Princeton Studies in International Economics 76, International Economics Section, Departement of Economics Princeton University,.
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    14. Feldstein, Martin, 1991. "Does one market require one money?," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 77-84.
    15. George Tavlas, 1994. "The theory of monetary integration," Open Economies Review, Springer, vol. 5(2), pages 211-230, March.
    16. Fratianni, M. & Von Hagen, J. & Waller, C., 1992. "The Maastricht Way to EMU," Princeton Studies in International Economics 187, International Economics Section, Departement of Economics Princeton University,.
    17. Barry Eichengreen & Charles Wyplosz, 1993. "The Unstable EMS," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(1), pages 51-144.
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