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Monetary Union

In: The Road to European Monetary Union

Author

Listed:
  • André Szász

    (Dutch Central Bank)

Abstract

Monetary Union, as defined in the Werner Report as well as in the Delors Report, means permanently fixed exchange rates and full convertibility without fluctuation margins. In effect this implies a single currency, preferred in both reports in form as well as in substance. It requires a common monetary policy pursued by a European Central Bank. One of the main differences between the two reports is that the Delors Report explicitly stated that the European Central Bank should be committed to price stability and should be independent of political instructions. It meant adopting the Bundesbank model for Europe, even though most member states had different models which they would have preferred to transfer to the European level. Consensus on this point was reached not because it reflected political preferences of all or even most concerned—which it did not—but because no German concurrence could have been obtained otherwise.

Suggested Citation

  • André Szász, 1999. "Monetary Union," Palgrave Macmillan Books, in: The Road to European Monetary Union, chapter 16, pages 147-153, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59947-5_16
    DOI: 10.1057/9780230599475_16
    as

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