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Toward Monetary Union of the European Community

Author

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  • A. J. Kondonassis
  • A. G. Malliaris

Abstract

. European Community monetary integration has received periodic attention often as a result of financial crises but has now evolved into its major aim. To achieve this goal the European Monetary System was established in 1979. It was designed to provide a tool, the Exchange Rate Mechanism, for exchange rate stabilization and convergence of economic and monetary policies. To give further impetus to monetary integration the Maastricht Treaty was approved in December 1991. Experiences with the operation of the European Monetary System show that there is no conclusive evidence that it has disciplined the monetary and fiscal policies of all its members. More recently, Germany's insistence on a tight monetary‐ policy, to fight the inflation that resulted from unification costs, has brought turmoil in European financial markets and has dealt a serious blow to the system. Furthermore, the ensuing recession and its impact on the European economies make improbable that the timetable of the Maastricht Treaty will be met.

Suggested Citation

  • A. J. Kondonassis & A. G. Malliaris, 1994. "Toward Monetary Union of the European Community," American Journal of Economics and Sociology, Wiley Blackwell, vol. 53(3), pages 291-301, July.
    • Handle: RePEc:bla:ajecsc:v:53:y:1994:i:3:p:291-301
    DOI: 10.1111/j.1536-7150.1994.tb02599.x
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    References listed on IDEAS

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    1. Deravi, M. Keivan & Metghalchi, Massoud, 1988. "The European monetary system : A Note," Journal of Banking & Finance, Elsevier, vol. 12(3), pages 505-512, September.
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    Cited by:

    1. Kondonassis, Alex J. & Malliaris, A. G., 1996. "NAFTA: Old and new lessons from theory and practice with economic integration," The North American Journal of Economics and Finance, Elsevier, vol. 7(1), pages 31-41.
    2. Louis Sevitenyi Nkwatoh & Yahya Zakari Abdullahi & Chika Usman Aliyu, 2019. "Past and Current European Monetary Union Crises: Lessons for the Envisaged West African Monetary Union," International Journal of Economics and Financial Issues, Econjournals, vol. 9(4), pages 50-59.

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