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European Monetary Unification: The Challenges Ahead

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  • Eichengreen, Barry
  • Ghironi, Fabio

Abstract

This paper reviews the problems that must be resolved at the Intergovernmental Conference in 1996 to clear the way for European Monetary Union: locking in Germany's commitment to the project, and reconciling EMU with variable geometry. It reviews what we know about the costs and benefits of EMU for the interest groups concerned. We conclude, however, that it is not by the cost-benefit calculus of monetary economics that the viability of the monetary union project will be determined. Rather, it is the symbiosis between the Single Market and EMU that is likely to drag the latter, kicking and screaming, into life.

Suggested Citation

  • Eichengreen, Barry & Ghironi, Fabio, 1995. "European Monetary Unification: The Challenges Ahead," CEPR Discussion Papers 1217, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:1217
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    Citations

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    Cited by:

    1. Carlin, Wendy & Glyn, Andrew & Van Reenen, John, 2001. "Export Market Performance of OECD Countries: An Empirical Examination of the Role of Cost Competitiveness," Economic Journal, Royal Economic Society, vol. 111(468), pages 128-162, January.
    2. Barry Eichengreen & Jürgen Hagen, 1996. "Fiscal restrictions and monetary union: Rationales, repercussions, reforms," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 23(1), pages 3-23, February.
    3. Barry Eichengreen and Fabio Ghironi., 1997. "European Monetary Unification and International Monetary Cooperation," Center for International and Development Economics Research (CIDER) Working Papers C97-091, University of California at Berkeley.
    4. Eichengreen, Barry, 1998. "Does Mercosur Need a Single Currency?," Center for International and Development Economics Research, Working Paper Series qt6fw631qn, Center for International and Development Economics Research, Institute for Business and Economic Research, UC Berkeley.
    5. Vinals, Jose, 1996. "European monetary integration: A narrow or a wide EMU?," European Economic Review, Elsevier, vol. 40(3-5), pages 1103-1109, April.
    6. Philippe Martin & Claude Jessua, 1996. "L'importance des exclus de l'intégration monétaire en Europe," Revue Économique, Programme National Persée, vol. 47(3), pages 807-817.
    7. Francisco Torres, 2007. "A convergência para a União Económica e Monetária: objectivo nacional ou constrangimento externo?," NIPE Working Papers 21/2007, NIPE - Universidade do Minho.
    8. Carlos Eduardo Soares Gonçalves, 2003. "Exchange Rate Variability and Lobbies," Anais do XXXI Encontro Nacional de Economia [Proceedings of the 31th Brazilian Economics Meeting] b08, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
    9. Sarah Guillou, 2006. "Competitiveness and export market shares in high tech industries in the US and the EMU countries: A comparative study," Sciences Po publications 2006-18, Sciences Po.
    10. Francisco Torres, 2007. "The long road to EMU: The Economic and Political Reasoning behind Maastricht," Working Papers de Economia (Economics Working Papers) 50, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro.
    11. Paqué, Karl-Heinz & Le Cacheux, Jacques & Didier, Michel, 1998. "Labour market tax policy in the EMU," ZEI Working Papers B 16-1998, University of Bonn, ZEI - Center for European Integration Studies.
    12. Thomas Willett, 1999. "Developments in the Political Economy of Policy Coordination," Open Economies Review, Springer, vol. 10(2), pages 221-253, May.

    More about this item

    Keywords

    Exchange Rates; Monetary Unification;

    JEL classification:

    • F0 - International Economics - - General
    • F3 - International Economics - - International Finance
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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