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Sui Generis EMU

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  • Barry Eichengreen

Abstract

The thesis of this paper is that there is no historical precedent for Europe's monetary union (EMU). While it is possible to point to similar historical experiences, the most obvious of which were in the 19th century, occurred in Europe, and had “union†as part of their names, EMU differs from these earlier monetary unions. The closer one looks the more uncomfortable one becomes with the effort to draw parallels on the basis of historical experience. It is argued that efforts to draw parallels between EMU and monetary unions past are more likely to mislead than to offer useful insights. Where history is useful is not in drawing parallels but in pinpointing differences. It is useful for highlighting what is distinctive about EMU.

Suggested Citation

  • Barry Eichengreen, 2008. "Sui Generis EMU," European Economy - Economic Papers 2008 - 2015 303, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    • Handle: RePEc:euf:ecopap:0303
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    References listed on IDEAS

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    Cited by:

    1. Kevin H. O'Rourke & Alan M. Taylor, 2013. "Cross of Euros," Journal of Economic Perspectives, American Economic Association, vol. 27(3), pages 167-192, Summer.
    2. Ulrich Fritsche & Vladimir Kuzin, 2011. "Analysing convergence in Europe using the non-linear single factor model," Empirical Economics, Springer, vol. 41(2), pages 343-369, October.
    3. Mojmír Hampl, 2012. "Evropská měnová integrace a postavení jejího bývalého hegemona
      [European Monetary Integration and a Position of its Former Hegemon]      ," Politická ekonomie, University of Economics, Prague, vol. 2012(6), pages 707-722.
    4. Selin Sayek & Fatma Taskin, 2014. "Financial crises: lessons from history for today," Economic Policy, CEPR;CES;MSH, vol. 29(79), pages 447-493, July.
    5. Mojmír Hampl, 2013. "The Case of European Monetary Integration and its Former Hegemon," German Economic Review, Verein für Socialpolitik, vol. 14(1), pages 2-14, February.
    6. Regling, Klaus & Deroose, Servaas & Felke, Reinhard & Kutos, Paul, 2010. "The Euro After Its First Decade: Weathering the Financial Storm and Enlarging the Euro Area," ADBI Working Papers 205, Asian Development Bank Institute.

    More about this item

    Keywords

    EMU; Monetary union; Euro; Economic History; international monetary system; History of monetary unions; Eichengreen;

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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