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Currency Stabilization through Full Employment: Can EMU Combine Price Stability with Employment and Income Growth?

Author

Listed:
  • J.A. Kregel

    (Jerome Levy Economics Institute
    University of Bologna)

Abstract

The convergence criteria that were introduced to allow the creation of a common currency, the EURO, in the European Union appear to sacrifice growth and employment for price stability. Yet, this conflict will have to be resolved if the European project is to succeed. This paper suggests that existing policies, such as export-led growth will be ineffectual, and proposes a method to combine price stability with full employment and potential growth through a central bank policy to stabilise conditions in the labor market via an "employer" of last resort program.

Suggested Citation

  • J.A. Kregel, 1999. "Currency Stabilization through Full Employment: Can EMU Combine Price Stability with Employment and Income Growth?," Eastern Economic Journal, Eastern Economic Association, vol. 25(1), pages 35-47, Winter.
    • Handle: RePEc:eej:eeconj:v:25:y:1999:i:1:p:35-47
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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume25/V25N1P35_47.pdf
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    Citations

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    Cited by:

    1. Stephanie Bell & L. Randall Wray, "undated". "The War on Poverty After 40 Years: A Minskyan Assessment," Economics Public Policy Brief Archive ppb_78, Levy Economics Institute.
    2. Stephanie Kelton, 2011. "Limitations of the Government Budget Constraint: Users vs. Issuers of the Currency," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 58(1), pages 57-66, March.
    3. Erik S. Reinert & Rainer Kattel, 2007. "European Eastern Enlargement as Europe's Attempted Economic Suicide?," The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics 14, TUT Ragnar Nurkse Department of Innovation and Governance.
    4. Vladan Hodulák & Oldřich Krpec, 2015. "Francouzsko-Německé monetární vztahy - pnutí v základech eurozóny [Franco-German Monetary Relations - Tensions Built Into the Eurozone Core]," Politická ekonomie, Prague University of Economics and Business, vol. 2015(4), pages 413-435.
    5. Canale, Rosaria Rita & Napolitano, Oreste, 2009. "The recessive attitude of EMU policies: reflections on the italian experience, 1998–2008," MPRA Paper 20207, University Library of Munich, Germany.
    6. Jan Kregel, 2011. "Debtors' Crisis or Creditors' Crisis? Who Pays for the European Sovereign and Subprime Mortgage Losses?," Economics Public Policy Brief Archive ppb_121, Levy Economics Institute.

    More about this item

    Keywords

    EMU; Employment; Full Employment; Stabilization;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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