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Ideas económicas y unión monetaria: un análisis del Informe Emerson

Author

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  • Alex Ruiz Posino

    (Universidad Abat Oliba-CEU La Caixa. Área de estudios y análisis económico)

Abstract

This article examines the growth of the EMU from the viewpoint of the links between politics and economic ideas. In particular, it focuses on one essential issue: the fact that the EMU might not be an optimum monetary area was not taken into consideration in its design. The article argues that the consensus among economists in the late 1980s, reasonably reflected in the Emerson Report of 1990, was that the benefits derived from the promise of macroeconomic stability that lay within the institutional design of the EMU would clearly outweigh the costs of giving up exchange rates as an instrument for macroeconomic adjustments. The article also argues that another equally fundamental fact for the definition of the EMU was that this consensus became institutionalised in a process that can be suitably described in terms of the conceptual framework of Hall (1993) and Oliver & Pemberton (2004).

Suggested Citation

  • Alex Ruiz Posino, 2013. "Ideas económicas y unión monetaria: un análisis del Informe Emerson," EKONOMIAZ. Revista vasca de Economía, Gobierno Vasco / Eusko Jaurlaritza / Basque Government, vol. 82(01), pages 107-126.
    • Handle: RePEc:ekz:ekonoz:2013106
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    Keywords

    european monetary union; optimum currency areas;

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F15 - International Economics - - Trade - - - Economic Integration
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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