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Economic Convergence and/or Political Integration

In: Economic and Monetary Union Macroeconomic Policies

Author

Listed:
  • Philip Arestis

    (University of Cambridge)

  • Malcolm Sawyer

    (University of Leeds)

Abstract

One might have expected that the formation of the EMU, initially encompassing 12 (and now 17) politically independent countries each with their own currencies prior to them joining the Union, would be considerably influenced by economic convergence and political integration considerations. It is the purpose of this chapter to demonstrate that neither of these considerations had been influential in creating and shaping the EMU and the euro. Indeed to show that in the absence of economic integration political union becomes paramount. Clearly, this is not an argument based on politics but purely on economic grounds that support the importance of developing pan-EMU economic policies, which properly coordinated could potentially drive the union to improved economic development.

Suggested Citation

  • Philip Arestis & Malcolm Sawyer, 2013. "Economic Convergence and/or Political Integration," Palgrave Macmillan Books, in: Economic and Monetary Union Macroeconomic Policies, chapter 9, pages 188-207, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-31789-6_9
    DOI: 10.1057/9781137317896_9
    as

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