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On the Feasibility of a One or Multi-Speed European Monetary Union

  • Alberto Alesina
  • Vittorio Grilli

This paper addresses two questions: (1) Is a twelve country monetary union in Europe feasible; (2) Can monetary union be achieved at multi-speed, i.e., with a rust group of countries going first, and later admitting the others? After examining several politico-economic arguments concerning problems of feasibility of the union, we conclude with a fair amount of skepticism concerning the multi-speed idea. We show that the final result of the process of monetary integration is dependent upon at "how many speeds" Europe will proceed. Our discussion of feasibility shed some light on the political economy of the recent (Fall of 1992) turmoil in the monetary system of Europe.

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File URL: http://www.nber.org/papers/w4350.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 4350.

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Date of creation: Apr 1993
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Publication status: published as Alesina, Alberto and Vittorio Grilli. “On the Feasibility of a One-Speed or a Multi-Speed European Monetary Union." Economics and Politics 5 (July 1993): 145-66.
Handle: RePEc:nbr:nberwo:4350
Note: IFM
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  1. Alberto Alesina & Vittorio Grilli, 1991. "The European Central Bank: Reshaping Monetary Politics in Europe," NBER Working Papers 3860, National Bureau of Economic Research, Inc.
  2. Alex Cukierman, 1992. "Central Bank Strategy, Credibility, and Independence: Theory and Evidence," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262031981, June.
  3. Susan M. Collins & Francesco Giavazzi, 1992. "Attitudes Towards Inflation and the Viability of Fixed Exchange Rates: Evidence From the EMS," NBER Working Papers 4057, National Bureau of Economic Research, Inc.
  4. Rogoff, Kenneth, 1985. "The Optimal Degree of Commitment to an Intermediate Monetary Target," The Quarterly Journal of Economics, MIT Press, vol. 100(4), pages 1169-89, November.
  5. Alesina, Alberto & Tabellini, Guido, 1988. "Credibility and politics," European Economic Review, Elsevier, vol. 32(2-3), pages 542-550, March.
  6. Kydland, Finn E & Prescott, Edward C, 1977. "Rules Rather Than Discretion: The Inconsistency of Optimal Plans," Journal of Political Economy, University of Chicago Press, vol. 85(3), pages 473-91, June.
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