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The Mirages of Nominal Illusion: Variations on Convergence

In: Report on the State of the European Union

Author

Listed:
  • Jean-Paul Fitoussi
  • Fiorella Kostoris Padoa Schioppa

Abstract

The euro, the European single currency, was launched in Europe on 1 January 1999, and the subsequent Economic and Monetary Union (EMU) now comprises virtually all European Union (EU) members, namely twelve countries out of fifteen; the United Kingdom, Denmark and Sweden chose to opt out. However successful, economic policy management has never produced a perfect solution to a certain number of fundamental issues. How can a single monetary policy be made compatible with specific economic backgrounds (economic cycles, inflation); independent and yet capped fiscal policies; distinct labour markets; and different economic and social patterns?

Suggested Citation

  • Jean-Paul Fitoussi & Fiorella Kostoris Padoa Schioppa, 2005. "The Mirages of Nominal Illusion: Variations on Convergence," Palgrave Macmillan Books, in: Jean-Paul Fitoussi & Fiorella Kostoris Padoa Schioppa (ed.), Report on the State of the European Union, chapter 3, pages 59-70, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-00627-0_3
    DOI: 10.1057/9780230006270_3
    as

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