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Evropská měnová integrace a postavení jejího bývalého hegemona
[European Monetary Integration and a Position of its Former Hegemon]

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  • Mojmír Hampl

Abstract

There is no historical precedent for the institutional set-up of the eurozone. However, it is an arrangement that could not and cannot escape the universal laws and principles of economics. This paper tries to look generally at the consequences of this integration project from the perspective of the former monetary hegemon, Germany, whose hegemony largely ended as a result of the monetary integration method chosen. Those consequences are of course more apparent in bad times than they were in good times. We then specifi cally examine the problem of convergence and divergence within a currency area and discuss the issue of competitive devaluation. In the conclusion we try to formulate the fundamental dilemma faced by the former monetary hegemon. Its solution will affect those inside and outside the integration project.

Suggested Citation

  • Mojmír Hampl, 2012. "Evropská měnová integrace a postavení jejího bývalého hegemona [European Monetary Integration and a Position of its Former Hegemon]," Politická ekonomie, Prague University of Economics and Business, vol. 2012(6), pages 707-722.
    • Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:6:id:873:p:707-722
    DOI: 10.18267/j.polek.873
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    References listed on IDEAS

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    1. Barry Eichengreen, 2008. "Sui Generis EMU," NBER Working Papers 13740, National Bureau of Economic Research, Inc.
    2. Guillermo A. Calvo & Carmen M. Reinhart, 2002. "Fear of Floating," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(2), pages 379-408.
    3. Issing,Otmar, 2008. "The Birth of the Euro," Cambridge Books, Cambridge University Press, number 9780521731867, October.
    4. Issing,Otmar, 2008. "The Birth of the Euro," Cambridge Books, Cambridge University Press, number 9780521516730, October.
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    Cited by:

    1. Marek Loužek, 2015. "Eurozone Crisis," Prague Economic Papers, Prague University of Economics and Business, vol. 2015(1), pages 88-104.

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    More about this item

    Keywords

    convergence; monetary hegemony; monetary integration; divergence;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • H87 - Public Economics - - Miscellaneous Issues - - - International Fiscal Issues; International Public Goods

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