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Reflections on Americans' Views of the Euro Ex Ante

Author

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  • Martin S. Feldstein

Abstract

This paper was prepared for a session of the 2009 American Economic Association meeting devoted to examining the views of American economists about the euro and the European Economic and Monetary Union on the tenth anniversary of the euro. I had written an article in 1992 in the Economist and subsequent articles in the Journal of Economic Perspecties and in Foreign Affairs. I begin by reviewing the arguments that I offered at that time about the claimed advantages of a single currency and about what I regarded as the disadvantages. I then discuss my claims that the primary motivation for the creation of the euro was political, not economic and that the creation of the euro could lead to increased conflict within Europe and with the United States. I conclude with a discussion of the implications for the EMU of the current recession and the likely future economic conditions in Europe.

Suggested Citation

  • Martin S. Feldstein, 2009. "Reflections on Americans' Views of the Euro Ex Ante," NBER Working Papers 14696, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:14696
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    File URL: http://www.nber.org/papers/w14696.pdf
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Martin Feldstein
      by Metablog Obserwatora Finansowego in Obserwator Finansowy on 2009-12-10 17:59:58

    Citations

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    Cited by:

    1. John Phelan, 2015. "The Road Not Taken: A Comparison Between the Hard ECU and the Euro," Economic Affairs, Wiley Blackwell, vol. 35(3), pages 397-415, October.
    2. Fabio Masini, 2014. "A history of the theories on Optimum Currency Areas," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 21(6), pages 1015-1038, December.
    3. Bordo, Michael D. & Meissner, Christopher M. & Stuckler, David, 2010. "Foreign currency debt, financial crises and economic growth: A long-run view," Journal of International Money and Finance, Elsevier, vol. 29(4), pages 642-665, June.
    4. Drazen Derado, 2009. "Financial Integration and Financial Crisis: Croatia Approaching The EMU," Financial Theory and Practice, Institute of Public Finance, vol. 33(3), pages 299-328.

    More about this item

    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • F5 - International Economics - - International Relations, National Security, and International Political Economy
    • F51 - International Economics - - International Relations, National Security, and International Political Economy - - - International Conflicts; Negotiations; Sanctions

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