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The Single European Currency: Prospects and an Alternative Proposal


  • Philip Arestis

    (University of East London)

  • Malcolm Sawyer

    (University of Leeds)


This paper appraises the current position of the European Union (EU) countries, which could potentially become members of the Economic and Monetary Union (EMU) which is now likely to materialise in January, 1999, in an attempt to argue that the current EMU criteria should be revised. The paper discusses briefly and critically the Maastricht Treaty arrangements and convergence criteria for the single currency, reviews the current position of all the members of the EU, and presents a proposal for a new Maastricht. This alternative proposal seeks to overcome the deflationary biases in the Maastricht proposals, and suggests for low unemployment rates to be included in the convergence criteria.

Suggested Citation

  • Philip Arestis & Malcolm Sawyer, 1998. "The Single European Currency: Prospects and an Alternative Proposal," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 1(1), pages 27-44, May.
  • Handle: RePEc:zag:zirebs:v:1:y:1998:i:1:p:27-44

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    More about this item


    Maastricht Treaty; Economic and Monetary Union; convergence criteria; unemployment rates.;

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes


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