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One Market, One Money

In: European Monetary Union: The Kingsdown Enquiry

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  • Martin Wolf

Abstract

From time to time people advance the proposition that a single market demands a single currency as if it were self-evident. The point is put forward almost as a metaphysical truth: the Platonic idea of a market requires the idea of a currency to complement it. But a single market is simply a more integrated customs union. It is possible that a single market for goods and services, combined with separate national labour markets, as in the EU, needs many currencies in order to work better. This is an empirical question, not one that can be decided a priori on the basis of notions of a pleasing symmetry. It is, as in all economics, a matter of costs and benefits.

Suggested Citation

  • Martin Wolf, 1996. "One Market, One Money," Palgrave Macmillan Books, in: Christopher Taylor (ed.), European Monetary Union: The Kingsdown Enquiry, chapter 25, pages 143-152, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-24825-4_25
    DOI: 10.1007/978-1-349-24825-4_25
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