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Euro: The Main Problems and Solutions

In: Poland and the Eurozone

Author

Listed:
  • Leszek Balcerowicz

Abstract

Two main objections are raised against the euro. The first is expressed in a popular statement: ‘One monetary policy can’t fit all’, which implies that countries, especially larger ones, should have their own currencies, and — as a result — floating rates of exchange. The second objection is contained in another popular saying: ‘Monetary union requires fiscal (political) union’. I will discuss these two objections and present my own view as to what are the main weaknesses of the euro architecture in its present form and what should be done to improve it.

Suggested Citation

  • Leszek Balcerowicz, 2014. "Euro: The Main Problems and Solutions," Studies in Economic Transition, in: Jens Hölscher (ed.), Poland and the Eurozone, chapter 1, pages 3-12, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-1-137-42641-3_1
    DOI: 10.1057/9781137426413_1
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