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Paradigms for the Monetary Union of Europe

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  • DANIEL GROS

Abstract

The notion of a European Monetary Union can be interpreted in different ways. To most non‐economists it probably implies a single European currency and a European central bank. To economists, however, a monetary union implies only (in the words of the 1970 Werner Plan): ‘the irrevocable fixing of parities and the total liberalization of capital movements’. To others still a monetary union might be reached if there is a widely used European parallel currency. This article argues that these paradigms imply different degrees of monetary integration, and that the benefits that can be expected from a monetary union for Europe depend on the degree of monetary integration. Which paradigm should be chosen, therefore, depends on the reasons for which a monetary union for Europe is deemed desirable.

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  • Daniel Gros, 1989. "Paradigms for the Monetary Union of Europe," Journal of Common Market Studies, Wiley Blackwell, vol. 27(3), pages 219-230, March.
    • Handle: RePEc:bla:jcmkts:v:27:y:1989:i:3:p:219-230
    DOI: 10.1111/j.1468-5965.1989.tb00341.x
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    Cited by:

    1. Norbert Berthold, 1992. "Europe after Maastricht— Have the monetary questions been settled?," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 27(2), pages 51-56, March.

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