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Vers une monnaie commune en Europe ?

Author

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  • Catherine Mathieu

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

  • Henri Sterdyniak

    (OFCE - Observatoire français des conjonctures économiques (Sciences Po) - Sciences Po - Sciences Po)

Abstract

European monetary union has again been the subject of debate in recent months. The supporters are mainly French, the reasons being that France wishes, on the one hand, to assert its will to manage a strong national currency and, on the other hand, to limit the monetary leadership of West Germany. The latter would be in favour of monetary unification only if monetary policy would meet the standard of the German one. Three kinds of processes can be distinguished. First, those favouring the development of a European parallel currency competing with national currencies. Second, those opting for the progressive shift of monetary powers from national monetary authorities to an autonomous European institution. The third is completion of the union without any transitory stage. Whichever process is considered, the gains — such as easier capital flows within the Community and a decrease in French interest rates — cannot be assessed without taking into account the potential dangers — monetary authorities that would pursue a price stability objective rather than economic growth — as well as the uncertainties due to the fact that monetary union, depending on its institutional characteristics, could mean that budgetary policies would be more autonomous or, conversely, would be more constrained by a monetary discipline.

Suggested Citation

  • Catherine Mathieu & Henri Sterdyniak, 1989. "Vers une monnaie commune en Europe ?," Post-Print hal-03471435, HAL.
  • Handle: RePEc:hal:journl:hal-03471435
    DOI: 10.3406/ofce.1989.1164
    Note: View the original document on HAL open archive server: https://sciencespo.hal.science/hal-03471435
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    References listed on IDEAS

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    1. Francesco Giavazzi & Marco Pagano, 1991. "The Advantage of Tying One's Hands: EMS Discipline and Central Bank Credibility," NBER Chapters, in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 303-330, National Bureau of Economic Research, Inc.
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    3. Charles Wyplosz & Jacques H. Drèze, 1988. "Une stratégie de croissance ambidextre pour l'Europe : l'autonomie par la coopération," Revue Économique, Programme National Persée, vol. 39(3), pages 627-640.
    4. Francesco Giavazzi & Alberto Giovannini, 1988. "Modèles du SME : l'Europe n'est-elle qu'une zone deutsche mark ?," Revue Économique, Programme National Persée, vol. 39(3), pages 641-666.
    5. Giorgio Basevi & Michele Fratianni & Herbert Giersch & Pieter Korteweg & David O’mahony & Michael Parkin & Theo Peeters & Pascal Salin & Niels Thygesen, 1978. "The All Saints’ Day Manifesto for European Monetary Union," Palgrave Macmillan Books, in: Michele Fratianni & Theo Peeters (ed.), One Money for Europe, chapter 2, pages 37-51, Palgrave Macmillan.
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    Cited by:

    1. Catherine Bruno & Jacques Le Cacheux & Catherine Mathieu, 1991. "L'Union monétaire européenne : état des lieux, projets et enjeux," Revue de l'OFCE, Programme National Persée, vol. 38(1), pages 93-142.
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    Keywords

    Monnaie commune; Union Européenne;

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