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Monetary Unions in Historical Perspective: What Future for the Euro in the International Financial System

  • Forrest Capie

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    This paper discusses the introduction of the euro in the present international monetary context. European Monetary Union is not only an economic concept but also primarily a political one. Based on past experience, two aspects of monetary union seem essential: the nature of the future European Central Bank and the necessity that monetary union is implemented with a fiscal union. The euro's success on world markets, as a dollar substitute, depends on monetary authorities' credibility in targeting low-inflation, and on fiscal authorities' reputation. A central bank that does not respond to a political authority can cause social difficulties, especially if social policies are left in the hands of single countries and fiscal transfers, to support these policies, are not allowed Copyright Kluwer Academic Publishers 1998

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    File URL: http://hdl.handle.net/10.1023/A:1008308719500
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    Article provided by Springer in its journal Open Economies Review.

    Volume (Year): 9 (1998)
    Issue (Month): 1 (January)
    Pages: 447-466

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    Handle: RePEc:kap:openec:v:9:y:1998:i:1:p:447-466
    Contact details of provider: Web page: http://www.springerlink.com/link.asp?id=100323

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    1. 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.
    2. Michele Fratianni & Andreas Hauskrecht & Aurelio Maccario, 1998. "Dominant Currencies and the Future of the Euro," Open Economies Review, Springer, vol. 9(1), pages 467-492, January.
    3. Koichi Hamada, 1998. "The Choice of International Monetary Regimes in a Context of Repeated Games," Open Economies Review, Springer, vol. 9(1), pages 417-446, January.
    4. Eijffinger, S.C.W., 1993. "Central bank independence in twelve industrial countries," Other publications TiSEM 0401b17a-e2c7-4179-ace9-a, School of Economics and Management.
    5. Hefeker, Carsten, 2001. "The agony of central power: Fiscal federalism in the German Reich," European Review of Economic History, Cambridge University Press, vol. 5(01), pages 119-142, April.
    6. Michele Fratianni & Juergen von Hagen, 1990. "Public Choice Aspects of European Monetary Unification," Cato Journal, Cato Journal, Cato Institute, vol. 10(2), pages 389-421, Fall.
    7. Barry Eichengreen., 1997. "Exchange Rate Stability and Financial Stability," Center for International and Development Economics Research (CIDER) Working Papers C97-092, University of California at Berkeley.
    8. repec:ner:tilbur:urn:nbn:nl:ui:12-152908 is not listed on IDEAS
    9. Eichengreen, Barry, 1993. "European Monetary Unification," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1321-57, September.
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