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Living in EMU: Prices, Interest Rates and the Adjustment of Payments in a Monetary Union

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  • Roberto Tamborini

Abstract

Balance‐of‐payments problems for the EMU member countries will not vanish by virtue of the use of a single currency. This article discusses two aspects of the adjustment of payments in a monetary union that may have major repercussions for the EMU countries, for their policy‐makers and for the Union's institutional design. The first aspect concerns the role of national banking systems in the adjustment process. The second is the role of changes in general price levels, and hence in the terms of trade. The two aspects are interconnected. In addition to structural features that may hinder changes in interest rates and the terms of trade in the EMU, the presence of institutional commitments of member countries that may work perversely is considered.

Suggested Citation

  • Roberto Tamborini, 2001. "Living in EMU: Prices, Interest Rates and the Adjustment of Payments in a Monetary Union," Journal of Common Market Studies, Wiley Blackwell, vol. 39(1), pages 123-146, March.
    • Handle: RePEc:bla:jcmkts:v:39:y:2001:i:1:p:123-146
    DOI: 10.1111/1468-5965.00279
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    Citations

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    Cited by:

    1. Ronny Mazzocchi & Roberto Tamborini, 2021. "Current account imbalances and the Euro Area. Controversies and policy lessons," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 38(1), pages 203-234, April.
    2. Francesco Saraceno & Roberto Tamborini, 2015. "How can it work? On the impact of quantitative easing in the Eurozone," DEM Working Papers 2015/03, Department of Economics and Management.
    3. repec:hal:spmain:info:hdl:2441/4ei7u710bj9par121c71ul9fdr is not listed on IDEAS
    4. Roberto Tamborini, 2004. "One ‘Monetary Giant’ with Many ‘Fiscal Dwarfs’: The Efficiency of Macroeconomic Stabilization Policies in the European Monetary Union," International Economic Association Series, in: Alan V. Deardorff (ed.), The Past, Present and Future of the European Union, chapter 3, pages 21-47, Palgrave Macmillan.
    5. repec:spo:wpmain:info:hdl:2441/4ppcskgnsc8tmbhdrupis355j7 is not listed on IDEAS
    6. Francesco Saraceno & Roberto Tamborini, 2015. "How can it work? On the impact of quantitative easing in the Eurozone," DEM Working Papers 2015/03, Department of Economics and Management.
    7. Ronny Mazzocchi & Roberto Tamborini, 2019. "Current Account Imbalances and the Euro Area: Alternative Views," EconPol Working Paper 27, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    8. repec:hal:spmain:info:hdl:2441/4ppcskgnsc8tmbhdrupis355j7 is not listed on IDEAS
    9. Roberto Tamborini, 2017. "Europe at the Interdependence War," EconPol Working Paper 2, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    10. Roberto Tamborini, 2018. "Macroeconomic Imbalances and the Euro Zone. Alternative Views," EconPol Working Paper 14, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    11. repec:spo:wpmain:info:hdl:2441/4ei7u710bj9par121c71ul9fdr is not listed on IDEAS

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