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The Prospects of a Mini Currency Union in 1999

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  • De Grauwe, Paul

Abstract

In this paper we analyse the prospects of a mini currency union in Europe. We argue that the Maastricht strategy will create a situation in which the countries excluded from the EMU will use their negative voting power to bar the entry of a number of core countries into the union. The countries excluded will have a strong legal basis to do so because several core countries will fail one or more Maastricht convergence norms. Thus, the scenario that the financial markets believe in today is highly unrealistic. Instead countries will be confronted with the choice of a maxi currency union or no currency union.

Suggested Citation

  • De Grauwe, Paul, 1996. "The Prospects of a Mini Currency Union in 1999," CEPR Discussion Papers 1458, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:1458
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    Citations

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    Cited by:

    1. Beine, Michel & Candelon, Bertrand & Sekkat, Khalid, 1999. "Stabilization policy and business cycle phases in Europe: A Markov Switching VAR analysis," SFB 373 Discussion Papers 1999,91, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
    2. Laskar, Daniel, 1997. "Union monétaire à deux vitesses : asymétrie du système de change entre pays membres et non-membres," CEPREMAP Working Papers (Couverture Orange) 9703, CEPREMAP.
    3. Peter Nijkamp & Shunii Wang, 1998. "Winners and loosers in the European Monetary Union: A neural network analysis of spatial industrial shifts," ERSA conference papers ersa98p377, European Regional Science Association.

    More about this item

    Keywords

    Maastricht Treaty; monetary integration;

    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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