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Sui Generis EMU

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Author Info
Eichengreen, Barry

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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.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 6642.

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Date of creation: Jan 2008
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Handle: RePEc:cpr:ceprdp:6642

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Related research
Keywords: European Monetary Union;

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Find related papers by JEL classification:
F15 - International Economics - - Trade - - - Economic Integration
N14 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Europe: 1913-

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References listed on IDEAS
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    Other versions:
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