IDEAS home Printed from
   My bibliography  Save this article

The EMU and the Control of Inflation


  • Meade, J E


Proposals have been made for the institution of a European Central Bank or similar institution to conduct an independent monetary policy in terms of a single European Currency with the exclusive purpose of controlling the rate of price inflation, budgetary policies being left largely in the hands of national fiscal authorities. It is suggested in this note that such a divorce between a central monetary policy for the control of inflation and a set of national fiscal policies for the control of budget balances could lead to an unstable outcome. The conditions in which such instability may occur are examined. A more general case is made for not divorcing monetary policy from fiscal policy, and various methods of dealing with this problem are discussed. Copyright 1990 by Oxford University Press.

Suggested Citation

  • Meade, J E, 1990. "The EMU and the Control of Inflation," Oxford Review of Economic Policy, Oxford University Press, vol. 6(4), pages 100-107, Winter.
  • Handle: RePEc:oup:oxford:v:6:y:1990:i:4:p:100-107

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

    Cited by:

    1. Sandeep Mazumder, 2014. "European Monetary Union and the Cost of Disinflation," Economic Issues Journal Articles, Economic Issues, vol. 19(2), pages 1-20, September.

    More about this item


    Access and download statistics


    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:oup:oxford:v:6:y:1990:i:4:p:100-107. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press) or (Christopher F. Baum). General contact details of provider: .

    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 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.

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

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.