Evropská měnová integrace a postavení jejího bývalého hegemona
[European Monetary Integration and a Position of its Former Hegemon]
There is no historical precedent for the institutional set-up of the eurozone. However, it is an arrangement that could not and cannot escape the universal laws and principles of economics. This paper tries to look generally at the consequences of this integration project from the perspective of the former monetary hegemon, Germany, whose hegemony largely ended as a result of the monetary integration method chosen. Those consequences are of course more apparent in bad times than they were in good times. We then specifi cally examine the problem of convergence and divergence within a currency area and discuss the issue of competitive devaluation. In the conclusion we try to formulate the fundamental dilemma faced by the former monetary hegemon. Its solution will affect those inside and outside the integration project.
Volume (Year): 2012 (2012)
Issue (Month): 6 ()
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Guillermo A. Calvo & Carmen M. Reinhart, 2002.
"Fear of Floating,"
The Quarterly Journal of Economics,
Oxford University Press, vol. 117(2), pages 379-408.
- Guillermo A. Calvo & Carmen M. Reinhart, 2000. "Fear of Floating," NBER Working Papers 7993, National Bureau of Economic Research, Inc.
- Reinhart, Carmen & Calvo, Guillermo, 2002. "Fear of floating," MPRA Paper 14000, University Library of Munich, Germany.
- Issing,Otmar, 2008. "The Birth of the Euro," Cambridge Books, Cambridge University Press, number 9780521731867, February.
- Eichengreen, Barry, 2008. "Sui Generis EMU," CEPR Discussion Papers 6642, C.E.P.R. Discussion Papers.
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- Barry Eichengreen, 2008. "Sui Generis EMU," NBER Working Papers 13740, National Bureau of Economic Research, Inc.
- Issing,Otmar, 2008. "The Birth of the Euro," Cambridge Books, Cambridge University Press, number 9780521516730, February. Full references (including those not matched with items on IDEAS)
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