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European Monetary Integration

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  • Charles Goodhart

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Abstract

In this paper I seek to establish four points:- (1) EMU will be a much tighter and more ambitious regime than the gold standard. (2) Should,d misalignment occur under EMU, it could lead to considerable political tension, since most of the short-term economic safety valves are of limited efficacy. (3) While a single currency certainly supports a single market, the claim that the former is necessary for the latter is contentious. (4) Not only would some well-designed federal fiscal stabilisation help to maintain a single currency, especially on political grounds, but also a single currency could reduce national objections to greater fiscal federalism.

Suggested Citation

  • Charles Goodhart, 1995. "European Monetary Integration," FMG Special Papers sp73, Financial Markets Group.
  • Handle: RePEc:fmg:fmgsps:sp73
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    File URL: http://www.lse.ac.uk/fmg/documents/specialPapers/1990s/sp73.pdf
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    References listed on IDEAS

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    1. von Hagen, Jurgen & Hammond, George W, 1998. "Regional Insurance against Asymmetric Shocks: An Empirical Study for the European Community," The Manchester School of Economic & Social Studies, University of Manchester, vol. 66(3), pages 331-353, June.
    2. Xavier Sala-i-Martin & Jeffrey Sachs, 1991. "Fiscal Federalism and Optimum Currency Areas: Evidence for Europe From the United States," NBER Working Papers 3855, National Bureau of Economic Research, Inc.
    3. Oskar Morgenstern, 1959. "International Financial Transactions and Business Cycles," NBER Books, National Bureau of Economic Research, Inc, number morg59-1, December.
    4. Melitz, Jacques & Vori, Silvia, 1992. "National Insurance Against Unevenly Distributed Shocks in a European Monetary Union," CEPR Discussion Papers 697, C.E.P.R. Discussion Papers.
    5. Michele Fratianni & Franco Spinelli, 1984. "Italy in the Gold Standard Period, 1861-1914," NBER Chapters,in: A Retrospective on the Classical Gold Standard, 1821-1931, pages 405-454 National Bureau of Economic Research, Inc.
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